Ardelyx, Inc. (ARDX) Given Outperform Rating at Wedbush

Wedbush reiterated their outperform rating on shares of Ardelyx, Inc. (NASDAQ:ARDX) in a report released on Friday morning. Wedbush currently has a $24.00 target price on the biopharmaceutical company’s stock.

ARDX has been the topic of a number of other reports. Zacks Investment Research raised shares of Ardelyx from a hold rating to a buy rating and set a $17.00 price target on the stock in a research note on Tuesday, October 11th. Leerink Swann set a $18.00 price target on shares of Ardelyx and gave the company a buy rating in a research note on Sunday, November 20th. Eight investment analysts have rated the stock with a buy rating, Ardelyx currently has an average rating of Buy and a consensus price target of $19.13.

Ardelyx (NASDAQ:ARDX) traded down 1.08% during trading on Friday, hitting $13.70. 295,727 shares of the stock were exchanged. The stock’s 50 day moving average price is $14.76 and its 200 day moving average price is $12.13. The stock’s market cap is $648.02 million. Ardelyx has a 12 month low of $6.36 and a 12 month high of $16.30.

Ardelyx (NASDAQ:ARDX) last issued its earnings results on Monday, November 7th. The biopharmaceutical company reported ($0.65) EPS for the quarter, topping analysts’ consensus estimates of ($0.74) by $0.09. Analysts forecast that Ardelyx will post ($2.78) EPS for the current fiscal year.

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In other Ardelyx news, SVP Jeffrey W. Jacobs sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 11th. The shares were sold at an average price of $15.00, for a total transaction of $90,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 15.46% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of ARDX. ClariVest Asset Management LLC boosted its position in Ardelyx by 5.6% in the second quarter. ClariVest Asset Management LLC now owns 34,100 shares of the biopharmaceutical company’s stock valued at $298,000 after buying an additional 1,800 shares during the period. Bank of New York Mellon Corp boosted its position in Ardelyx by 11.7% in the second quarter. Bank of New York Mellon Corp now owns 99,099 shares of the biopharmaceutical company’s stock valued at $865,000 after buying an additional 10,398 shares during the period. California State Teachers Retirement System boosted its position in shares of Ardelyx by 2.1% in the second quarter. California State Teachers Retirement System now owns 47,997 shares of the biopharmaceutical company’s stock valued at $419,000 after buying an additional 992 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Ardelyx by 167.3% in the second quarter. JPMorgan Chase & Co. now owns 262,556 shares of the biopharmaceutical company’s stock valued at $2,292,000 after buying an additional 164,314 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Ardelyx by 2.7% in the second quarter. Vanguard Group Inc. now owns 704,520 shares of the biopharmaceutical company’s stock valued at $6,151,000 after buying an additional 18,802 shares during the last quarter. Institutional investors own 81.55% of the company’s stock.

Ardelyx Company Profile

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.

5 Day Chart for NASDAQ:ARDX

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