Ardelyx Inc. (NASDAQ:ARDX) shares traded down 2.3% on Thursday . The company traded as low as $8.67 and last traded at $8.75, with a volume of 90,482 shares changing hands. The stock had previously closed at $8.96.

A number of research analysts have recently weighed in on the company. Zacks Investment Research upgraded Ardelyx from a “hold” rating to a “buy” rating and set a $11.00 price target for the company in a research report on Tuesday. Leerink Swann restated a “buy” rating on shares of Ardelyx in a research report on Thursday, June 23rd. Wedbush restated an “outperform” rating and issued a $24.00 price target on shares of Ardelyx in a research report on Thursday, June 23rd. Cantor Fitzgerald reiterated a “buy” rating on shares of Ardelyx in a research report on Wednesday, June 22nd. Finally, Ladenburg Thalmann assumed coverage on Ardelyx in a research report on Thursday, March 31st. They set a “buy” rating and a $21.00 price objective for the company. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. Ardelyx presently has an average rating of “Buy” and a consensus price target of $20.22.

The firm’s market capitalization is $345.95 million. The company’s 50 day moving average is $8.76 and its 200-day moving average is $9.21.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings results on Monday, May 9th. The biopharmaceutical company reported ($0.70) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.66) by $0.04. On average, equities 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 boosted its stake in shares of Ardelyx Inc. (NASDAQ:ARDX) by 79,116.2% during the fourth quarter, according to its most recent disclosure 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 approximately 0.23% of Ardelyx worth $1,062,000 at the end of the most recent reporting period.

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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