Ardelyx Inc. (ARDX) Sees Large Volume Increase
Ardelyx Inc. (NASDAQ:ARDX) shares saw strong trading volume on Monday . 190,055 shares traded hands during trading, an increase of 26% from the previous session’s volume of 151,329 shares.The stock last traded at $9.98 and had previously closed at $9.99.
ARDX has been the topic of a number of research analyst reports. Zacks Investment Research upgraded shares of Ardelyx from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research note on Tuesday, July 12th. Wedbush reiterated an “outperform” rating and issued a $24.00 target price on shares of Ardelyx in a research note on Thursday, June 23rd. Cantor Fitzgerald reiterated a “buy” rating on shares of Ardelyx in a research note on Wednesday, June 22nd. Finally, Leerink Swann reiterated a “buy” rating on shares of Ardelyx in a research note on Thursday, June 23rd. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. Ardelyx currently has a consensus rating of “Buy” and a consensus price target of $20.22.
The company’s market cap is $345.26 million. The stock has a 50 day moving average of $8.80 and a 200-day moving average of $9.00.
Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings results on Monday, May 9th. The biopharmaceutical company reported ($0.70) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.66) by $0.04. Equities research analysts predict 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 13F filing with the Securities and Exchange Commission (SEC). 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 about 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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