Ardelyx, Inc. (NASDAQ:ARDX) had its price objective raised by analysts at Citigroup Inc. from $14.00 to $19.00 in a research report issued on Thursday, The Fly reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup Inc.’s price target points to a potential upside of 251.85% from the company’s previous close.

A number of other brokerages also recently issued reports on ARDX. BidaskClub upgraded Ardelyx from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. Zacks Investment Research downgraded Ardelyx from a “buy” rating to a “hold” rating in a research report on Tuesday, July 18th. Cantor Fitzgerald upped their price objective on Ardelyx from $12.00 to $14.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, ValuEngine upgraded Ardelyx from a “strong sell” rating to a “sell” rating in a research report on Thursday, July 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. Ardelyx has a consensus rating of “Buy” and a consensus target price of $17.40.

Ardelyx (NASDAQ:ARDX) traded up 53.70% during trading on Thursday, reaching $8.30. The company had a trading volume of 21,016,246 shares. The firm’s 50 day moving average is $5.44 and its 200 day moving average is $7.03. The company’s market capitalization is $393.79 million. Ardelyx has a one year low of $4.05 and a one year high of $16.30.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings data on Wednesday, August 9th. The biopharmaceutical company reported ($0.54) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.09. On average, equities research analysts predict that Ardelyx will post ($2.19) earnings per share for the current year.

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Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Alliancebernstein L.P. grew its stake in shares of Ardelyx by 7.9% during the first quarter. Alliancebernstein L.P. now owns 13,700 shares of the biopharmaceutical company’s stock valued at $173,000 after buying an additional 1,000 shares during the last quarter. Parametric Portfolio Associates LLC grew its stake in shares of Ardelyx by 8.9% during the second quarter. Parametric Portfolio Associates LLC now owns 27,581 shares of the biopharmaceutical company’s stock valued at $141,000 after buying an additional 2,252 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Ardelyx by 52.6% during the first quarter. Bank of America Corp DE now owns 10,612 shares of the biopharmaceutical company’s stock valued at $134,000 after buying an additional 3,659 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Ardelyx by 18.5% during the second quarter. The Manufacturers Life Insurance Company now owns 31,252 shares of the biopharmaceutical company’s stock valued at $159,000 after buying an additional 4,871 shares during the last quarter. Finally, Rhumbline Advisers grew its stake in shares of Ardelyx by 15.6% during the second quarter. Rhumbline Advisers now owns 40,516 shares of the biopharmaceutical company’s stock valued at $207,000 after buying an additional 5,465 shares during the last quarter. 78.58% of the stock is currently owned by hedge funds and other institutional investors.

About Ardelyx

Ardelyx, Inc is a clinical-stage biopharmaceutical company. The Company’s therapeutics focuses on addressing cardiorenal and gastrointestinal (GI) diseases. It operates through the research, development and commercialization of biopharmaceutical products segment. The Company’s products line includes cardiorenal portfolio and gastrointestinal portfolio.

The Fly

Analyst Recommendations for Ardelyx (NASDAQ:ARDX)

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