Ardelyx, Inc. (NASDAQ:ARDX) shot up 8.4% during mid-day trading on Tuesday . The company traded as high as $6.68 and last traded at $6.45. 608,174 shares changed hands during mid-day trading, an increase of 21% from the average session volume of 503,159 shares. The stock had previously closed at $5.95.

A number of research firms have issued reports on ARDX. Citigroup raised their target price on Ardelyx from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday. Leerink Swann reiterated an “outperform” rating and issued a $13.00 target price on shares of Ardelyx in a research note on Tuesday, October 17th. Ladenburg Thalmann Financial Services cut their target price on Ardelyx from $19.00 to $16.00 and set a “buy” rating on the stock in a research note on Wednesday, November 22nd. Cantor Fitzgerald reiterated a “buy” rating and issued a $12.00 target price on shares of Ardelyx in a research note on Tuesday, November 21st. Finally, Wedbush restated an “outperform” rating and set a $12.00 price objective (down from $13.00) on shares of Ardelyx in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $12.64.

Ardelyx (NASDAQ:ARDX) last released its earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.44) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.10. During the same period last year, the business earned ($0.65) EPS. sell-side analysts forecast that Ardelyx, Inc. will post -2.05 EPS for the current year.

In related news, COO Reginald Seeto sold 10,008 shares of Ardelyx stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $5.20, for a total transaction of $52,041.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 15.47% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Alliancebernstein L.P. increased its stake in Ardelyx by 7.9% in the 1st quarter. Alliancebernstein L.P. now owns 13,700 shares of the biopharmaceutical company’s stock worth $173,000 after purchasing an additional 1,000 shares in the last quarter. Parametric Portfolio Associates LLC increased its stake in Ardelyx by 8.9% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 27,581 shares of the biopharmaceutical company’s stock worth $141,000 after purchasing an additional 2,252 shares in the last quarter. Bank of America Corp DE increased its stake in Ardelyx by 52.6% in the 1st quarter. Bank of America Corp DE now owns 10,612 shares of the biopharmaceutical company’s stock worth $134,000 after purchasing an additional 3,659 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Ardelyx by 18.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,252 shares of the biopharmaceutical company’s stock valued at $159,000 after acquiring an additional 4,871 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in Ardelyx by 15.6% during the 2nd quarter. Rhumbline Advisers now owns 40,516 shares of the biopharmaceutical company’s stock valued at $207,000 after acquiring an additional 5,465 shares in the last quarter.

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About Ardelyx

Ardelyx, Inc is a clinical-stage biopharmaceutical company. The Company’s therapeutics focuses on addressing cardiorenal and gastrointestinal (GI) diseases. It operates through the research, development and commercialization of biopharmaceutical products segment. The Company’s products line includes cardiorenal portfolio and gastrointestinal portfolio.

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