Shares of Ardelyx Inc. (NASDAQ:ARDX) dropped 4.3% on Friday . The company traded as low as $9.97 and last traded at $9.97, with a volume of 56,171 shares traded. The stock had previously closed at $10.42.

ARDX has been the subject of a number of recent research reports. Zacks Investment Research cut shares of Ardelyx from a “hold” rating to a “sell” rating in a research note on Thursday, May 12th. Leerink Swann restated a “buy” rating on shares of Ardelyx in a research report on Thursday, June 23rd. Citigroup Inc. cut their price objective on shares of Ardelyx from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Wednesday, August 10th. Finally, Cantor Fitzgerald restated a “buy” rating on shares of Ardelyx in a research report on Wednesday, June 22nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the company’s stock. Ardelyx presently has an average rating of “Buy” and a consensus price target of $20.00.

The stock’s 50-day moving average price is $9.97 and its 200 day moving average price is $8.87. The company’s market capitalization is $467.78 million.

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

In related news, major shareholder Nea 15 Gp, Llc purchased 1,527,301 shares of the company’s stock in a transaction that occurred on Monday, July 18th. The stock was acquired 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 at this hyperlink.

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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