Ardelyx Inc. (ARDX) Upgraded by Zacks Investment Research to Buy
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 presently has a $17.00 price target on the biopharmaceutical company’s stock. Zacks Investment Research’s target price would indicate a potential upside of 14.02% from the stock’s previous close.
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. “
A number of other equities analysts have also recently issued reports on ARDX. Leerink Swann reiterated a “buy” rating on shares of Ardelyx in a report on Thursday, June 23rd. Cantor Fitzgerald reiterated a “buy” rating on shares of Ardelyx in a report on Wednesday, June 22nd. Wedbush reiterated an “outperform” rating and issued a $24.00 price objective on shares of Ardelyx in a report on Thursday, June 23rd. Finally, Citigroup Inc. cut their price objective on Ardelyx from $14.00 to $13.00 and set a “buy” rating for the company in a report on Wednesday, August 10th. One research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. Ardelyx currently has a consensus rating of “Buy” and a consensus target price of $20.67.
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Shares of Ardelyx (NASDAQ:ARDX) traded up 1.08% during midday trading on Tuesday, reaching $14.91. The company’s stock had a trading volume of 396,999 shares. Ardelyx has a 12-month low of $6.36 and a 12-month high of $20.98. The company’s market capitalization is $704.50 million. The company’s 50-day moving average price is $11.53 and its 200 day moving average price is $9.46.
Ardelyx (NASDAQ:ARDX) last announced its earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.83) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.75) by $0.08. On average, equities research analysts forecast 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 the stock in a transaction that occurred on Friday, September 23rd. The stock was sold at an average price of $12.00, for a total value of $60,000.00. Following the completion of the transaction, the senior vice president now owns 1,440 shares of the company’s stock, valued at approximately $17,280. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 stock was purchased at an average cost of $8.73 per share, with a total value of $13,333,337.73. The disclosure for this purchase can be found here. Company insiders own 15.46% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Fund Advisors raised its position in shares of Ardelyx by 0.9% in the second quarter. BlackRock Fund Advisors now owns 1,033,233 shares of the biopharmaceutical company’s stock valued at $9,020,000 after buying an additional 9,282 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Ardelyx by 2.7% in the second quarter. Vanguard Group Inc. now owns 704,520 shares of the biopharmaceutical company’s stock valued at $6,151,000 after buying an additional 18,802 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of Ardelyx by 4.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 324,788 shares of the biopharmaceutical company’s stock valued at $2,835,000 after buying an additional 13,623 shares in the last quarter. Deerfield Management Co. purchased a new position in shares of Ardelyx during the first quarter valued at about $2,137,000. Finally, State Street Corp raised its position in shares of Ardelyx by 29.2% in the first quarter. State Street Corp now owns 271,831 shares of the biopharmaceutical company’s stock valued at $2,111,000 after buying an additional 61,386 shares in the last quarter. 62.84% of the stock is owned by hedge funds and other institutional investors.
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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