Zacks Investment Research upgraded shares of Ardelyx Inc. (NASDAQ:ARDX) from a hold rating to a buy rating in a report published on Tuesday morning. Zacks Investment Research currently has $17.00 target price on the biopharmaceutical company’s stock.

According to Zacks, “Ardelyx, Inc. is a clinical-stage biopharmaceutical company. It discovers, develops and commercializes small molecule therapeutics that work in the gastrointestinal tract to treat cardio-renal, GI and metabolic diseases. The Company’s lead product candidate is Tenapanor which is in three ongoing Phase II clinical trials for the treatment of patients with ESRD-HD and chronic kidney disease, as well as for constipation-predominant irritable bowel syndrome. Ardelyx, Inc. is headquartered in Fremont, California. “

Several other research analysts have also weighed in on the company. Citigroup Inc. dropped their price target on Ardelyx from $14.00 to $13.00 and set a buy rating on the stock in a research report on Wednesday, August 10th. Wedbush reaffirmed an outperform rating and issued a $24.00 target price on shares of Ardelyx in a research report on Thursday, June 23rd. Cantor Fitzgerald reaffirmed a buy rating on shares of Ardelyx in a research report on Wednesday, June 22nd. Finally, Leerink Swann reaffirmed a buy rating on shares of Ardelyx in a research report on Thursday, June 23rd. One analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. Ardelyx has an average rating of Buy and a consensus target price of $20.67.

Analyst Recommendations for Ardelyx (NASDAQ:ARDX)

Shares of Ardelyx (NASDAQ:ARDX) opened at 14.91 on Tuesday. The company’s 50 day moving average price is $11.67 and its 200 day moving average price is $9.49. The firm’s market capitalization is $704.50 million. Ardelyx has a one year low of $6.36 and a one year high of $20.98.

Ardelyx (NASDAQ:ARDX) last posted its quarterly earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.83) earnings per share for the quarter, missing the consensus estimate of ($0.75) by $0.08. On average, analysts expect that Ardelyx will post ($3.03) EPS for the current fiscal year.

In other news, SVP Elizabeth A. Grammer sold 5,000 shares of the stock in a transaction that occurred on Friday, September 23rd. The stock was sold at an average price of $12.00, for a total value of $60,000.00. Following the completion of the transaction, the senior vice president now directly owns 1,440 shares of the company’s stock, valued at approximately $17,280. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Nea 15 Gp, Llc bought 1,527,301 shares of the company’s stock in a transaction dated Monday, July 18th. The stock was 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. 15.46% of the stock is owned by company insiders.

Institutional investors have recently modified their holdings of the company. Deerfield Management Co. bought a new position in shares of Ardelyx during the first quarter worth about $2,137,000. 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 worth $2,292,000 after buying an additional 164,314 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Ardelyx by 206.8% in the first quarter. Geode Capital Management LLC now owns 144,821 shares of the biopharmaceutical company’s stock worth $1,125,000 after buying an additional 97,621 shares during the last quarter. State Street Corp boosted its position in shares of Ardelyx by 29.2% in the first quarter. State Street Corp now owns 271,831 shares of the biopharmaceutical company’s stock worth $2,111,000 after buying an additional 61,386 shares during the last quarter. Finally, Spark Investment Management LLC boosted its position in shares of Ardelyx by 263.3% in the first quarter. Spark Investment Management LLC now owns 54,500 shares of the biopharmaceutical company’s stock worth $423,000 after buying an additional 39,500 shares during the last quarter. 62.84% of the stock is owned by institutional investors and hedge funds.

About Ardelyx

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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