Ardelyx Inc. (NASDAQ:ARDX) Receives $22.17 Average Target Price from Analysts
Ardelyx Inc. (NASDAQ:ARDX) has been assigned a consensus recommendation of “Buy” from the ten ratings firms that are currently covering the firm. One analyst has rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $22.17.
A number of equities analysts recently issued reports on the company. Citigroup Inc. lowered their price target on Ardelyx from $14.00 to $13.00 and set a “buy” rating for the company in a report on Wednesday, August 10th. Zacks Investment Research downgraded Ardelyx from a “buy” rating to a “hold” rating in a report on Friday, August 12th. Leerink Swann reaffirmed a “buy” rating on shares of Ardelyx in a report on Thursday, June 23rd. Wedbush reaffirmed an “outperform” rating and issued a $24.00 price target on shares of Ardelyx in a report on Thursday, June 23rd. Finally, Cantor Fitzgerald reaffirmed a “buy” rating on shares of Ardelyx in a report on Wednesday, June 22nd.
Shares of Ardelyx (NASDAQ:ARDX) opened at 12.90 on Monday. The company has a 50-day moving average of $10.79 and a 200-day moving average of $9.10. The firm’s market capitalization is $609.53 million. Ardelyx has a 1-year low of $6.36 and a 1-year high of $21.27.
Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.83) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.75) by $0.08. Equities research analysts predict that Ardelyx will post ($3.03) EPS for the current fiscal year.
In related news, SVP Elizabeth A. Grammer sold 5,000 shares of the 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 completion of the sale, the senior vice president now directly owns 1,440 shares of the company’s stock, valued at $17,280. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Nea 15 Gp, Llc purchased 1,527,301 shares of the firm’s stock in a transaction that occurred on Monday, July 18th. The shares were bought at an average cost of $8.73 per share, with a total value of $13,333,337.73. The disclosure for this purchase can be found here. Corporate insiders own 15.46% of the company’s stock.
Several large investors have recently modified their holdings of ARDX. Foresite Capital Management III LLC bought a new stake in shares of Ardelyx during the first quarter valued at $5,038,000. Deerfield Management Co. acquired a new position in Ardelyx during the first quarter valued at about $2,137,000. JPMorgan Chase & Co. boosted its position in 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. Geode Capital Management LLC boosted its position in Ardelyx by 206.8% in the first quarter. Geode Capital Management LLC now owns 144,821 shares of the biopharmaceutical company’s stock valued at $1,125,000 after buying an additional 97,621 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its position in Ardelyx by 44.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 311,165 shares of the biopharmaceutical company’s stock valued at $2,418,000 after buying an additional 95,418 shares during the last quarter. 62.84% of the stock is owned by hedge funds and other institutional investors.
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.
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