Ardelyx Inc. (NASDAQ:ARDX)’s share price shot up 2.4% on Wednesday . The stock traded as high as $10.46 and last traded at $10.24, with a volume of 107,978 shares trading hands. The stock had previously closed at $10.00.

Several brokerages recently weighed in on ARDX. Zacks Investment Research cut shares of Ardelyx from a “buy” rating to a “hold” rating in a research report on Friday, May 6th. Citigroup Inc. decreased their price objective on shares of Ardelyx from $14.00 to $13.00 and set a “buy” rating for the company in a research note on Wednesday, August 10th. Wedbush reiterated an “outperform” rating and issued a $24.00 price objective on shares of Ardelyx in a research note on Thursday, June 23rd. Finally, Leerink Swann reiterated a “buy” rating on shares of Ardelyx in a research note on Thursday, June 23rd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $20.00.

The company’s market capitalization is $448.40 million. The stock has a 50 day moving average of $10.00 and a 200 day moving average of $8.86.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.83) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.75) by $0.08. Equities research analysts expect that Ardelyx Inc. will post ($3.03) earnings per share for the current year.

In related news, major shareholder Nea 15 Gp, Llc purchased 1,527,301 shares of Ardelyx stock in a transaction that occurred on Monday, July 18th. The shares were bought at an average price of $8.73 per share, for a total transaction of $13,333,337.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Ardelyx, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of minimally systemic therapeutic drugs that work in the gastrointestinal (GI) tract to treat GI and cardio-renal diseases. The Company operates through research, development and commercialization of biopharmaceutical products segment.

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