Ardelyx Inc. (NASDAQ:ARDX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $17.00 target price on the biopharmaceutical company’s stock. Zacks Investment Research’s price objective would indicate a potential upside of 15.25% from the stock’s current price.
According to Zacks, “Ardelyx, Inc. is a clinical-stage biopharmaceutical company. It discovers, develops and commercializes small molecule therapeutics that work in the gastrointestinal tract to treat cardio-renal, GI and metabolic diseases. The Company’s lead product candidate is Tenapanor which is in three ongoing Phase II clinical trials for the treatment of patients with ESRD-HD and chronic kidney disease, as well as for constipation-predominant irritable bowel syndrome. Ardelyx, Inc. is headquartered in Fremont, California. “
ARDX has been the topic of several other research reports. Cantor Fitzgerald restated a “buy” rating on shares of Ardelyx in a report on Wednesday, June 22nd. Leerink Swann restated a “buy” rating on shares of Ardelyx in a report on Thursday, June 23rd. Wedbush restated an “outperform” rating and set a $24.00 price objective on shares of Ardelyx in a report on Thursday, June 23rd. Finally, Citigroup Inc. dropped their price objective on shares of Ardelyx from $14.00 to $13.00 and set a “buy” rating on the stock in a report on Wednesday, August 10th. One investment analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. Ardelyx has an average rating of “Buy” and a consensus target price of $20.67.
Shares of Ardelyx (NASDAQ:ARDX) traded up 1.15% during midday trading on Tuesday, hitting $14.92. 356,982 shares of the company’s stock traded hands. The company has a 50 day moving average price of $11.53 and a 200 day moving average price of $9.46. The firm’s market capitalization is $704.97 million. Ardelyx has a 1-year low of $6.36 and a 1-year high of $20.98.
Ardelyx (NASDAQ:ARDX) last posted its quarterly earnings data on Monday, August 8th. The biopharmaceutical company reported ($0.83) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.75) by $0.08. Equities analysts anticipate that Ardelyx will post ($3.03) earnings per share for the current year.
In other news, SVP Elizabeth A. Grammer sold 5,000 shares of Ardelyx stock in a transaction dated Friday, September 23rd. The shares were sold at an average price of $12.00, for a total transaction of $60,000.00. Following the sale, the senior vice president now directly owns 1,440 shares in the company, valued at approximately $17,280. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Nea 15 Gp, Llc bought 1,527,301 shares of the firm’s stock in a transaction dated Monday, July 18th. The shares were acquired at an average price of $8.73 per share, for a total transaction of $13,333,337.73. The disclosure for this purchase can be found here. Insiders own 15.46% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. American International Group Inc. raised its stake in shares of Ardelyx by 36.8% in the second quarter. American International Group Inc. now owns 13,176 shares of the biopharmaceutical company’s stock valued at $115,000 after buying an additional 3,544 shares during the period. Highbridge Capital Management LLC purchased a new position in Ardelyx during the second quarter worth approximately $129,000. Metropolitan Life Insurance Co. NY raised its position in Ardelyx by 57.2% in the first quarter. Metropolitan Life Insurance Co. NY now owns 19,529 shares of the biopharmaceutical company’s stock worth $152,000 after buying an additional 7,103 shares during the period. Sabby Management LLC purchased a new position in Ardelyx during the first quarter worth approximately $173,000. Finally, Rhumbline Advisers raised its position in Ardelyx by 25.7% in the second quarter. Rhumbline Advisers now owns 24,739 shares of the biopharmaceutical company’s stock worth $216,000 after buying an additional 5,053 shares during the period. Institutional investors and hedge funds own 62.84% of the company’s stock.
Ardelyx Company Profile
Ardelyx, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of minimally systemic therapeutic drugs that work in the gastrointestinal (GI) tract to treat GI and cardio-renal diseases. The Company operates through research, development and commercialization of biopharmaceutical products segment.
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