Ardelyx Inc. (ARDX) Sees Strong Trading Volume
Shares of Ardelyx Inc. (NASDAQ:ARDX) saw unusually-strong trading volume on Monday . Approximately 130,568 shares were traded during trading, a decline of 14% from the previous session’s volume of 151,120 shares.The stock last traded at $10.47 and had previously closed at $10.60.
A number of equities analysts recently commented on ARDX shares. Ladenburg Thalmann started coverage on Ardelyx in a report on Thursday, March 31st. They set a “buy” rating and a $21.00 target price for the company. Zacks Investment Research upgraded Ardelyx from a “hold” rating to a “buy” rating and set a $8.75 target price for the company in a report on Wednesday, May 4th. Leerink Swann restated a “buy” rating and set a $17.00 target price on shares of Ardelyx in a report on Tuesday, May 10th. Cantor Fitzgerald restated a “buy” rating on shares of Ardelyx in a report on Wednesday, June 22nd. Finally, Wedbush restated an “outperform” rating and set a $24.00 target price on shares of Ardelyx in a report on Thursday, June 23rd. One research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $20.22.
The company has a 50 day moving average price of $8.96 and a 200-day moving average price of $8.88. The company’s market cap is $359.46 million.
Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings data on Monday, May 9th. The biopharmaceutical company reported ($0.70) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.66) by $0.04. Equities analysts anticipate that Ardelyx Inc. will post ($3.16) EPS for the current year.
In related news, major shareholder Nea 15 Gp, Llc acquired 1,527,301 shares of the stock in a transaction dated Monday, July 18th. The stock was bought at an average cost of $8.73 per share, with a total value of $13,333,337.73. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
A hedge fund recently raised its stake 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 Form 13F filing with the 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 quarter.
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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