Ardelyx Inc. (ARDX) Stock Price Up 4.8%
Shares of Ardelyx Inc. (NASDAQ:ARDX) rose 4.8% during trading on Wednesday . The stock traded as high as $11.99 and last traded at $11.97, with a volume of 176,948 shares changing hands. The stock had previously closed at $11.42.
ARDX has been the subject of several analyst reports. Zacks Investment Research raised Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday, May 25th. Leerink Swann reiterated a “buy” rating on shares of Ardelyx in a research report on Thursday, June 23rd. Cantor Fitzgerald reiterated a “buy” rating on shares of Ardelyx in a research report on Wednesday, June 22nd. Wedbush reiterated an “outperform” rating and set a $24.00 target price on shares of Ardelyx in a research report on Thursday, June 23rd. Finally, Citigroup Inc. dropped their target price on Ardelyx from $14.00 to $13.00 and set a “buy” rating on the stock in a research report on Wednesday, August 10th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $20.00.
The stock’s market cap is $565.58 million. The firm has a 50 day moving average price of $10.48 and a 200-day moving average price of $8.96.
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Ardelyx (NASDAQ:ARDX) last posted its quarterly earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.83) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.75) by $0.08. On average, equities analysts expect that Ardelyx Inc. will post ($3.03) earnings per share for the current year.
In other Ardelyx news, SVP Elizabeth A. Grammer sold 6,859 shares of the firm’s stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $11.21, for a total value of $76,889.39. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Nea 15 Gp, Llc bought 1,527,301 shares of the business’s stock in a transaction on Monday, July 18th. The stock was acquired at an average cost of $8.73 per share, for a total transaction of $13,333,337.73. The disclosure for this purchase can be found here. 15.46% of the stock is owned by corporate insiders.
A number of institutional investors have recently modified their holdings of the company. Foresite Capital Management III LLC acquired a new position in shares of Ardelyx during the first quarter worth about $5,038,000. Deerfield Management Co. acquired a new position in shares of Ardelyx during the first quarter worth about $2,137,000. JPMorgan Chase & Co. boosted its position in shares of Ardelyx by 167.3% in the second quarter. JPMorgan Chase & Co. now owns 262,556 shares of the biopharmaceutical company’s stock worth $2,292,000 after buying an additional 164,314 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Ardelyx by 206.8% in the first quarter. Geode Capital Management LLC now owns 144,821 shares of the biopharmaceutical company’s stock worth $1,125,000 after buying an additional 97,621 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its position in shares of Ardelyx by 44.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 311,165 shares of the biopharmaceutical company’s stock worth $2,418,000 after buying an additional 95,418 shares in the last quarter. 62.84% of the stock is currently owned by hedge funds and other institutional investors.
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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