Todays Report: Today, Ardelyx’s (ARDX) Outperform Rating Reiterate at Wedbush

Today, Ardelyx’s (ARDX) Outperform Rating Reiterate at Wedbush

Ardelyx Inc. (NASDAQ:ARDX)‘s stock had its “outperform” rating reaffirmed by stock analysts at Wedbush in a note issued to investors on Tuesday. They currently have a $24.00 target price on the biopharmaceutical company’s stock. Wedbush’s target price suggests a potential upside of 54.84% from the stock’s current price.

A number of other analysts have also commented on the company. Zacks Investment Research lowered Ardelyx from a “buy” rating to a “hold” rating in a report on Monday, October 24th. Citigroup Inc. dropped their price target on Ardelyx from $14.00 to $13.00 and set a “buy” rating on the stock in a report on Wednesday, August 10th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $20.78.

Ardelyx (NASDAQ:ARDX) traded down 0.32% during mid-day trading on Tuesday, reaching $15.50. The company had a trading volume of 96,747 shares. Ardelyx has a 12-month low of $6.36 and a 12-month high of $20.98. The stock’s market capitalization is $733.17 million. The stock has a 50 day moving average price of $13.90 and a 200-day moving average price of $10.83.

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

In related news, SVP Elizabeth A. Grammer sold 5,000 shares of the business’s stock in a transaction on Friday, September 23rd. The stock was sold at an average price of $12.00, for a total transaction of $60,000.00. Following the sale, the senior vice president now directly owns 1,440 shares in the company, valued at approximately $17,280. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Elizabeth A. Grammer sold 6,859 shares of the business’s stock in a transaction on Monday, September 19th. The shares were sold at an average price of $11.21, for a total value of $76,889.39. The disclosure for this sale can be found here. 15.46% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the stock. American International Group Inc. raised its stake in Ardelyx by 36.8% in the second quarter. American International Group Inc. now owns 13,176 shares of the biopharmaceutical company’s stock worth $115,000 after buying an additional 3,544 shares during the last quarter. Highbridge Capital Management LLC bought a new stake in Ardelyx during the second quarter worth about $129,000. Citadel Advisors LLC bought a new stake in Ardelyx during the third quarter worth about $134,000. Wedbush Securities Inc. bought a new stake in Ardelyx during the third quarter worth about $149,000. Finally, Great Point Partners LLC bought a new stake in Ardelyx during the third quarter worth about $194,000. Institutional investors own 72.10% of the company’s stock.

Ardelyx Company Profile

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