Ardelyx (NASDAQ:ARDX) Shares Up 4.9%

Ardelyx, Inc. (NASDAQ:ARDXGet Free Report)’s share price rose 4.9% during trading on Friday . The company traded as high as $9.81 and last traded at $9.72. Approximately 1,714,722 shares were traded during trading, a decline of 74% from the average daily volume of 6,644,056 shares. The stock had previously closed at $9.27.

Analysts Set New Price Targets

ARDX has been the subject of several research reports. Raymond James boosted their price target on Ardelyx from $12.00 to $15.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, January 9th. HC Wainwright boosted their price target on Ardelyx from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday, November 1st. Wedbush boosted their price target on Ardelyx from $9.00 to $13.00 and gave the stock an “outperform” rating in a research report on Friday, January 12th. Citigroup boosted their price target on Ardelyx from $9.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, January 10th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Ardelyx in a report on Friday, January 12th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $11.92.

Read Our Latest Analysis on Ardelyx

Ardelyx Trading Up 5.1 %

The company has a current ratio of 5.54, a quick ratio of 5.35 and a debt-to-equity ratio of 0.14. The company has a fifty day simple moving average of $7.39 and a 200-day simple moving average of $5.18. The company has a market capitalization of $2.26 billion, a PE ratio of -81.17 and a beta of 0.92.

Insider Activity

In other news, insider Laura A. Williams sold 25,000 shares of the company’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $4.00, for a total value of $100,000.00. Following the transaction, the insider now owns 266,839 shares of the company’s stock, valued at approximately $1,067,356. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Laura A. Williams sold 25,000 shares of the company’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $4.00, for a total value of $100,000.00. Following the transaction, the insider now owns 266,839 shares of the company’s stock, valued at approximately $1,067,356. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Michael Raab sold 11,368 shares of the company’s stock in a transaction on Monday, November 20th. The shares were sold at an average price of $4.36, for a total value of $49,564.48. Following the completion of the transaction, the chief executive officer now directly owns 867,868 shares in the company, valued at approximately $3,783,904.48. The disclosure for this sale can be found here. Insiders have sold a total of 408,113 shares of company stock valued at $2,441,959 in the last quarter. Insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On Ardelyx

Several large investors have recently modified their holdings of ARDX. State Street Corp lifted its stake in Ardelyx by 2,227.1% during the 1st quarter. State Street Corp now owns 15,203,116 shares of the biopharmaceutical company’s stock worth $72,823,000 after acquiring an additional 14,549,803 shares in the last quarter. BlackRock Inc. lifted its stake in Ardelyx by 278.7% during the 2nd quarter. BlackRock Inc. now owns 14,030,392 shares of the biopharmaceutical company’s stock worth $47,563,000 after acquiring an additional 10,325,699 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in Ardelyx during the 2nd quarter worth about $2,950,000. Eventide Asset Management LLC acquired a new position in Ardelyx during the 3rd quarter worth about $10,996,000. Finally, Renaissance Technologies LLC lifted its stake in Ardelyx by 597.7% during the 1st quarter. Renaissance Technologies LLC now owns 3,137,693 shares of the biopharmaceutical company’s stock worth $15,030,000 after acquiring an additional 2,688,000 shares in the last quarter. Institutional investors and hedge funds own 58.19% of the company’s stock.

About Ardelyx

(Get Free Report)

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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