Shares of Ardelyx Inc. (NASDAQ:ARDX) were down 2.3% during mid-day trading on Thursday . The stock traded as low as $8.67 and last traded at $8.75, with a volume of 90,482 shares. The stock had previously closed at $8.96.

Several analysts have recently issued reports on ARDX shares. Ladenburg Thalmann began coverage on Ardelyx in a report on Thursday, March 31st. They set a “buy” rating and a $21.00 price objective on the stock. Zacks Investment Research raised Ardelyx from a “hold” rating to a “buy” rating and set a $8.75 target price on the stock in a research report on Wednesday, May 4th. Leerink Swann reissued a “buy” rating and set a $17.00 target price on shares of Ardelyx in a research report on Tuesday, May 10th. Cantor Fitzgerald reissued a “buy” rating on shares of Ardelyx in a research report on Wednesday, June 22nd. Finally, Wedbush reissued an “outperform” rating and set a $24.00 target price 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 issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $20.22.

The company’s 50-day moving average is $8.72 and its 200 day moving average is $9.28. The firm’s market cap is $303.01 million.

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

An institutional investor recently raised its position 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 disclosure with the Securities and Exchange Commission. The firm 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 about 0.23% of Ardelyx worth $1,062,000 at the end of the most recent quarter.

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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