Citigroup Boosts Ardelyx (ARDX) Price Target to $17.00
Ardelyx (NASDAQ:ARDX) had its price objective boosted by Citigroup from $16.00 to $17.00 in a research note released on Wednesday, Marketbeat.com reports. The brokerage currently has a buy rating on the biopharmaceutical company’s stock.
ARDX has been the subject of several other reports. Wedbush reaffirmed an outperform rating and set a $12.00 target price (down from $13.00) on shares of Ardelyx in a research report on Tuesday. Cantor Fitzgerald reaffirmed a buy rating and set a $12.00 target price on shares of Ardelyx in a research report on Tuesday, November 21st. Zacks Investment Research raised Ardelyx from a sell rating to a buy rating and set a $6.50 target price for the company in a research report on Friday, November 10th. BidaskClub raised Ardelyx from a sell rating to a hold rating in a research report on Wednesday, August 23rd. Finally, Leerink Swann reaffirmed an outperform rating and set a $13.00 target price on shares of Ardelyx in a research report on Tuesday, October 17th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $12.64.
Shares of Ardelyx (ARDX) traded down $0.10 during trading on Wednesday, hitting $6.55. The stock had a trading volume of 282,979 shares, compared to its average volume of 435,254. Ardelyx has a 1 year low of $4.05 and a 1 year high of $16.30.
Ardelyx (NASDAQ:ARDX) last announced its earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.44) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.10. During the same period in the previous year, the business earned ($0.65) EPS. sell-side analysts predict that Ardelyx will post -2.01 earnings per share 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 value of $52,041.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 15.47% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Tudor Investment Corp ET AL purchased a new stake in Ardelyx in the 2nd quarter worth about $111,000. KCG Holdings Inc. purchased a new stake in Ardelyx in the 1st quarter worth about $127,000. State of Wisconsin Investment Board purchased a new stake in Ardelyx in the 2nd quarter worth about $128,000. Bank of America Corp DE increased its holdings 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 acquiring an additional 3,659 shares during the last quarter. Finally, Willingdon Wealth Management purchased a new stake in Ardelyx in the 2nd quarter worth about $134,000.
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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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