Analysts Set Ardelyx, Inc. (NASDAQ:ARDX) PT at $10.42

Ardelyx, Inc. (NASDAQ:ARDX) has been assigned a consensus recommendation of “Moderate Buy” from the eight analysts that are covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $10.42.

ARDX has been the topic of several research reports. Citigroup cut their price target on Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. StockNews.com upgraded shares of Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. HC Wainwright downgraded shares of Ardelyx from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $11.00 to $5.50 in a research note on Monday, November 11th. Finally, Wedbush reissued an “outperform” rating and issued a $11.00 price objective on shares of Ardelyx in a research note on Friday, August 2nd.

Ardelyx Trading Up 3.7 %

ARDX opened at $5.31 on Friday. The company has a quick ratio of 3.87, a current ratio of 4.03 and a debt-to-equity ratio of 0.64. The stock’s fifty day moving average is $5.84 and its two-hundred day moving average is $6.16. The company has a market capitalization of $1.26 billion, a P/E ratio of -17.70 and a beta of 0.92. Ardelyx has a 52 week low of $4.06 and a 52 week high of $10.13.

Insider Buying and Selling

In other Ardelyx news, insider David P. Rosenbaum sold 49,564 shares of Ardelyx stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $6.92, for a total transaction of $342,982.88. Following the completion of the sale, the insider now owns 301,946 shares of the company’s stock, valued at approximately $2,089,466.32. The trade was a 14.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael Raab sold 31,980 shares of the stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $4.79, for a total value of $153,184.20. Following the completion of the transaction, the chief executive officer now directly owns 1,175,385 shares in the company, valued at $5,630,094.15. This represents a 2.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 234,568 shares of company stock worth $1,384,791 in the last three months. Corporate insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Ardelyx

A number of large investors have recently bought and sold shares of ARDX. Geode Capital Management LLC lifted its stake in Ardelyx by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 5,487,742 shares of the biopharmaceutical company’s stock valued at $37,818,000 after acquiring an additional 17,296 shares during the period. Barclays PLC boosted its holdings in Ardelyx by 24.9% in the third quarter. Barclays PLC now owns 547,325 shares of the biopharmaceutical company’s stock valued at $3,770,000 after purchasing an additional 109,285 shares during the last quarter. State Street Corp boosted its holdings in Ardelyx by 1.5% in the third quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company’s stock valued at $83,657,000 after purchasing an additional 176,789 shares during the last quarter. Parallax Volatility Advisers L.P. acquired a new stake in Ardelyx during the 3rd quarter worth about $506,000. Finally, Eventide Asset Management LLC lifted its holdings in shares of Ardelyx by 11.2% in the 3rd quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company’s stock valued at $51,076,000 after buying an additional 746,067 shares during the period. Hedge funds and other institutional investors own 58.92% of the company’s stock.

About Ardelyx

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.