Ardelyx, Inc. (ARDX) Sees Large Volume Increase Following Analyst Upgrade

Shares of Ardelyx, Inc. (NASDAQ:ARDX) saw an uptick in trading volume on Thursday after Citigroup raised their price target on the stock from $14.00 to $19.00. Citigroup currently has a buy rating on the stock. 26,135,863 shares traded hands during mid-day trading, an increase of 9,373% from the previous session’s volume of 275,898 shares.The stock last traded at $7.80 and had previously closed at $5.40.

A number of other brokerages have also commented on ARDX. BidaskClub raised Ardelyx from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. Zacks Investment Research downgraded Ardelyx from a “buy” rating to a “hold” rating in a research note on Tuesday, July 18th. Cantor Fitzgerald lifted their price target on Ardelyx from $12.00 to $14.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, ValuEngine upgraded Ardelyx from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. Ardelyx currently has an average rating of “Buy” and a consensus price target of $17.40.

A number of hedge funds have recently added to or reduced their stakes in ARDX. Teachers Advisors LLC boosted its stake in Ardelyx by 549.9% during the 1st quarter. Teachers Advisors LLC now owns 306,935 shares of the biopharmaceutical company’s stock valued at $3,883,000 after purchasing an additional 259,705 shares during the last quarter. Kennedy Capital Management Inc. acquired a new position in Ardelyx during the 2nd quarter valued at about $1,274,000. Dimensional Fund Advisors LP boosted its stake in Ardelyx by 280.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 259,202 shares of the biopharmaceutical company’s stock valued at $1,322,000 after purchasing an additional 191,121 shares during the last quarter. Driehaus Capital Management LLC boosted its stake in Ardelyx by 800.5% during the 1st quarter. Driehaus Capital Management LLC now owns 171,461 shares of the biopharmaceutical company’s stock valued at $2,169,000 after purchasing an additional 152,421 shares during the last quarter. Finally, DAFNA Capital Management LLC boosted its stake in Ardelyx by 68.4% during the 2nd quarter. DAFNA Capital Management LLC now owns 373,409 shares of the biopharmaceutical company’s stock valued at $1,904,000 after purchasing an additional 151,671 shares during the last quarter. Institutional investors and hedge funds own 78.58% of the company’s stock.

The stock’s 50-day moving average price is $5.52 and its 200-day moving average price is $7.04. The company’s market capitalization is $370.07 million.

Ardelyx (NASDAQ:ARDX) last announced its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.54) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.63) by $0.09. Analysts expect that Ardelyx, Inc. will post ($2.19) earnings per share for the current fiscal year.

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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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