Ardelyx, Inc. (NASDAQ:ARDX – Get Free Report) traded up 4.1% during trading on Thursday . The company traded as high as $4.05 and last traded at $4.03. 2,408,006 shares were traded during mid-day trading, a decline of 62% from the average session volume of 6,272,576 shares. The stock had previously closed at $3.87.
Wall Street Analysts Forecast Growth
A number of equities analysts recently weighed in on ARDX shares. Cantor Fitzgerald upgraded shares of Ardelyx from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $5.00 to $10.00 in a research report on Friday, August 25th. LADENBURG THALM/SH SH boosted their target price on Ardelyx from $7.50 to $8.50 and gave the stock a “buy” rating in a report on Thursday, August 3rd. StockNews.com began coverage on Ardelyx in a report on Thursday, October 5th. They issued a “hold” rating for the company. HC Wainwright boosted their price objective on Ardelyx from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Wednesday, November 1st. Finally, Wedbush restated an “outperform” rating and issued a $7.00 target price on shares of Ardelyx in a report on Wednesday, September 13th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Ardelyx has an average rating of “Moderate Buy” and a consensus target price of $8.70.
Ardelyx Trading Up 7.4 %
Insider Buying and Selling at Ardelyx
In related news, insider Laura A. Williams sold 25,000 shares of the stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $4.00, for a total transaction of $100,000.00. Following the completion of the transaction, the insider now owns 266,839 shares of the company’s stock, valued at approximately $1,067,356. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Laura A. Williams sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $4.00, for a total transaction of $100,000.00. Following the completion of the transaction, the insider now directly owns 266,839 shares in the company, valued at approximately $1,067,356. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Raab sold 11,419 shares of Ardelyx stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $3.55, for a total value of $40,537.45. Following the completion of the transaction, the chief executive officer now directly owns 876,236 shares of the company’s stock, valued at $3,110,637.80. The disclosure for this sale can be found here. Insiders sold a total of 53,310 shares of company stock worth $204,137 over the last three months. Insiders own 5.50% of the company’s stock.
Institutional Investors Weigh In On Ardelyx
A number of hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its position in shares of Ardelyx by 81.1% during the first quarter. Bank of New York Mellon Corp now owns 549,816 shares of the biopharmaceutical company’s stock worth $588,000 after acquiring an additional 246,147 shares during the period. BlackRock Inc. grew its stake in Ardelyx by 1.3% during the 1st quarter. BlackRock Inc. now owns 5,700,576 shares of the biopharmaceutical company’s stock worth $6,100,000 after purchasing an additional 71,592 shares in the last quarter. State Street Corp grew its stake in Ardelyx by 7.0% during the 1st quarter. State Street Corp now owns 2,127,557 shares of the biopharmaceutical company’s stock worth $2,276,000 after purchasing an additional 139,484 shares in the last quarter. Mirabella Financial Services LLP purchased a new stake in Ardelyx during the 1st quarter worth about $51,000. Finally, Worth Venture Partners LLC raised its position in Ardelyx by 39.4% in the 1st quarter. Worth Venture Partners LLC now owns 768,036 shares of the biopharmaceutical company’s stock valued at $822,000 after purchasing an additional 217,061 shares in the last quarter. 58.19% of the stock is currently owned by institutional investors and hedge funds.
Ardelyx, Inc, a biopharmaceutical company, discovers, develops, and commercializes medicines to treat gastrointestinal and cardiorenal therapeutic areas in the United States and internationally. The company's lead product candidate is tenapanor for the treatment of patients with irritable bowel syndrome with constipation.
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