Ardelyx Inc. (ARDX) Trading 12.1% Higher
Ardelyx Inc. (NASDAQ:ARDX) shares traded up 12.1% during trading on Friday . The company 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.
A number of research analysts recently commented on the stock. Zacks Investment Research upgraded shares of Ardelyx from a “hold” rating to a “buy” rating and set a $8.75 price target on the stock in a research note on Wednesday, May 4th. Leerink Swann restated a “buy” rating on shares of Ardelyx in a research report on Thursday, June 23rd. Cantor Fitzgerald restated a “buy” rating on shares of Ardelyx in a research report on Wednesday, June 22nd. Finally, Ladenburg Thalmann started coverage on shares of Ardelyx in a research report on Thursday, March 31st. They set a “buy” rating and a $21.00 target price on the stock. One analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $20.22.
The stock’s market cap is $345.95 million. The stock has a 50 day moving average of $8.76 and a 200-day moving average of $9.21.
Ardelyx (NASDAQ:ARDX) last released its quarterly earnings results on Monday, May 9th. The biopharmaceutical company reported ($0.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.66) by $0.04. Equities research analysts forecast 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 increased its stake in Ardelyx Inc. (NASDAQ:ARDX) by 79,116.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 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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