Brokerages Set Ardelyx, Inc. (NASDAQ:ARDX) Target Price at $10.07

Ardelyx, Inc. (NASDAQ:ARDX) has been assigned a consensus recommendation of “Moderate Buy” from the eight ratings firms that are presently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $9.25.

Several brokerages have weighed in on ARDX. Citigroup lowered their target price on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Jefferies Financial Group lowered their price objective on Ardelyx from $11.00 to $8.00 and set a “buy” rating for the company in a research report on Thursday, January 2nd. Finally, HC Wainwright lowered Ardelyx from a “buy” rating to a “neutral” rating and reduced their target price for the company from $11.00 to $5.50 in a research report on Monday, November 11th.

Insider Buying and Selling

In other Ardelyx news, Director David M. Mott purchased 213,300 shares of the business’s stock in a transaction that occurred on Thursday, December 19th. The shares were bought at an average price of $4.67 per share, for a total transaction of $996,111.00. Following the acquisition, the director now owns 1,638,765 shares in the company, valued at $7,653,032.55. This represents a 14.96 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Michael Raab sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $5.26, for a total transaction of $131,500.00. Following the transaction, the chief executive officer now directly owns 1,150,385 shares of the company’s stock, valued at $6,051,025.10. This represents a 2.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 184,192 shares of company stock worth $1,013,345 in the last 90 days. Insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Ardelyx

Hedge funds have recently added to or reduced their stakes in the business. State Street Corp raised its stake in shares of Ardelyx by 1.5% during the 3rd quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company’s stock valued at $83,657,000 after buying an additional 176,789 shares during the last quarter. Rubric Capital Management LP grew its holdings 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 worth $21,085,000 after acquiring an additional 1,243,606 shares during the period. BNP Paribas Financial Markets raised its position in Ardelyx by 274.3% during the third quarter. BNP Paribas Financial Markets now owns 181,387 shares of the biopharmaceutical company’s stock valued at $1,250,000 after acquiring an additional 132,928 shares in the last quarter. Vestal Point Capital LP purchased a new position in Ardelyx during the third quarter valued at approximately $3,445,000. Finally, Millennium Management LLC lifted its holdings in Ardelyx by 142.8% in the second 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 during the period. 58.92% of the stock is owned by hedge funds and other institutional investors.

Ardelyx Stock Down 1.3 %

NASDAQ:ARDX opened at $5.34 on Monday. The company’s 50-day simple moving average is $5.23 and its 200-day simple moving average is $5.71. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.87 and a current ratio of 4.03. Ardelyx has a fifty-two week low of $4.32 and a fifty-two week high of $10.13. The stock has a market capitalization of $1.26 billion, a P/E ratio of -17.80 and a beta of 0.85.

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.