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Analysts at Wedbush initiated coverage on shares of Ardelyx (NASDAQ:ARDX) in a research report issued to clients and investors on Monday, TheFlyOnTheWall.com reports. The firm set an “outperform” rating on the stock.

A number of other analysts have also recently weighed in on ARDX. Analysts at Leerink Swann initiated coverage on shares of Ardelyx in a research note on Monday. They set an “outperform” rating and a $32.00 price target on the stock. Separately, analysts at JMP Securities initiated coverage on shares of Ardelyx in a research note on Monday. They set an “outperform” rating and a $26.00 price target on the stock. Finally, analysts at Citigroup Inc. initiated coverage on shares of Ardelyx in a research note on Monday. They set a “buy” rating and a $27.00 price target on the stock.

Ardelyx (NASDAQ:ARDX) traded down 6.99% on Monday, hitting $16.51. The stock had a trading volume of 109,246 shares. Ardelyx has a 52-week low of $14.05 and a 52-week high of $21.60. The stock has a 50-day moving average of $16.81 and a 200-day moving average of $16.81. The company’s market cap is $295.3 million.

Ardelyx, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of non-systemic, small molecule therapeutics that work in the gastrointestinal (NASDAQ:ARDX), tract to treat cardio-renal, GI and metabolic diseases.

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