Shares of Ardelyx Inc. (NASDAQ:ARDX) rose 3.5% during mid-day trading on Thursday . The company traded as high as $10.41 and last traded at $10.32, with a volume of 260,771 shares trading hands. The stock had previously closed at $9.97.

ARDX has been the topic of a number of research reports. Citigroup Inc. lowered their price objective on Ardelyx from $14.00 to $13.00 and set a “buy” rating on the stock in a research report on Wednesday, August 10th. Zacks Investment Research raised Ardelyx from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a research note on Tuesday, July 12th. Cantor Fitzgerald reaffirmed a “buy” rating on shares of Ardelyx in a research note on Wednesday, June 22nd. Leerink Swann reaffirmed a “buy” rating on shares of Ardelyx in a research note on Thursday, June 23rd. Finally, Wedbush reaffirmed an “outperform” rating and issued a $24.00 price target on shares of Ardelyx in a research note on Thursday, June 23rd. One analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $20.00.

The firm’s market cap is $483.37 million. The company has a 50-day moving average price of $10.25 and a 200-day moving average price of $8.91.

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

In other news, major shareholder Nea 15 Gp, Llc bought 1,527,301 shares of the stock in a transaction dated 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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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