Ardelyx Inc. (NASDAQ:ARDX)’s share price rose 12.1% during mid-day trading on Friday . The stock traded as high as $10.89 and last traded at $9.81, with a volume of 507,163 shares changing hands. The stock had previously closed at $8.75.

ARDX has been the topic of several recent analyst reports. Ladenburg Thalmann initiated coverage on Ardelyx in a research note on Thursday, March 31st. They issued a “buy” rating and a $21.00 price target on the stock. Zacks Investment Research upgraded Ardelyx from a “hold” rating to a “buy” rating and set a $8.75 price objective on the stock in a research report on Wednesday, May 4th. Leerink Swann restated a “buy” rating and set a $17.00 price objective on shares of Ardelyx in a research report on Tuesday, May 10th. Cantor Fitzgerald restated a “buy” rating on shares of Ardelyx in a research report on Wednesday, June 22nd. Finally, Wedbush restated an “outperform” rating and set a $24.00 price objective on shares of Ardelyx in a research report on Thursday, June 23rd. One analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $20.22.

The company’s market cap is $346.65 million. The company has a 50-day moving average of $8.72 and a 200 day moving average of $9.28.

Ardelyx (NASDAQ:ARDX) last posted its earnings results on Monday, May 9th. The biopharmaceutical company reported ($0.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by $0.04. On average, analysts anticipate that Ardelyx Inc. will post ($3.16) earnings per share for the current fiscal year.

A hedge fund recently raised its stake in Ardelyx stock. Globeflex Capital L P raised its position in Ardelyx Inc. (NASDAQ:ARDX) by 79,116.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 58,620 shares of the biopharmaceutical company’s stock after buying an additional 58,546 shares during the period. Globeflex Capital L P owned 0.23% of Ardelyx worth $1,062,000 as of its most recent SEC filing.

Ardelyx, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of minimally-systemic, small molecule therapeutics that work exclusively in the gastrointestinal (GI) tract to treat cardio-renal, GI and metabolic diseases. The Company utilizing its platform, discovered and designed its lead product candidate, tenapanor, which in clinical studies has demonstrated the ability to improve the symptoms of constipation-predominant irritable bowel syndrome (IBS-C) and to reduce the absorption of both dietary sodium and phosphorus.

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