Ardelyx, Inc. (NASDAQ:ARDX) Receives $10.42 Average PT from Brokerages

Shares of Ardelyx, Inc. (NASDAQ:ARDX) have been assigned an average recommendation of “Moderate Buy” from the eight brokerages that are presently covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation, five have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $10.42.

A number of analysts have recently commented on the company. Citigroup dropped their price objective on Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. HC Wainwright cut shares of Ardelyx from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $11.00 to $5.50 in a report on Monday, November 11th.

Ardelyx Trading Up 3.3 %

Shares of NASDAQ:ARDX opened at $5.39 on Thursday. Ardelyx has a twelve month low of $4.34 and a twelve month high of $10.13. The company has a current ratio of 4.03, a quick ratio of 3.87 and a debt-to-equity ratio of 0.64. The firm has a market cap of $1.28 billion, a P/E ratio of -17.97 and a beta of 0.83. The company has a 50 day moving average of $5.55 and a 200-day moving average of $5.89.

Insider Activity at Ardelyx

In related news, insider David P. Rosenbaum sold 49,564 shares of the company’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $6.92, for a total transaction of $342,982.88. Following the transaction, the insider now directly 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Raab sold 7,500 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $6.01, for a total value of $45,075.00. Following the sale, the chief executive officer now owns 1,210,108 shares of the company’s stock, valued at $7,272,749.08. The trade was a 0.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 236,756 shares of company stock worth $1,374,538. 5.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Millennium Management LLC grew its holdings in shares of Ardelyx by 142.8% during the 2nd quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock valued at $23,735,000 after acquiring an additional 1,883,995 shares in the last quarter. Rubric Capital Management LP boosted its position in Ardelyx by 68.5% during the third quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company’s stock valued at $21,085,000 after purchasing an additional 1,243,606 shares during the last quarter. Eventide Asset Management LLC grew its stake in Ardelyx by 11.2% in the third quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company’s stock valued at $51,076,000 after purchasing an additional 746,067 shares in the last quarter. Vestal Point Capital LP acquired a new position in Ardelyx in the 3rd quarter worth about $3,445,000. Finally, Squarepoint Ops LLC raised its stake in shares of Ardelyx by 375.9% during the 2nd quarter. Squarepoint Ops LLC now owns 460,689 shares of the biopharmaceutical company’s stock worth $3,414,000 after purchasing an additional 363,894 shares in the last quarter. Institutional investors and hedge funds 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.