Wedbush Reiterates Outperform Rating for Ardelyx Inc. (ARDX)
Ardelyx Inc. (NASDAQ:ARDX)‘s stock had its “outperform” rating reissued by stock analysts at Wedbush in a report released on Tuesday. They currently have a $24.00 target price on the biopharmaceutical company’s stock. Wedbush’s target price points to a potential upside of 70.82% from the company’s previous close.
ARDX has been the subject of a number of other reports. Zacks Investment Research upgraded shares of Ardelyx from a “hold” rating to a “buy” rating and set a $17.00 price target for the company in a report on Tuesday, October 11th. Citigroup Inc. lowered their price target on shares of Ardelyx from $14.00 to $13.00 and set a “buy” rating for the company in a report on Wednesday, August 10th. One analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company. Ardelyx has an average rating of “Buy” and a consensus price target of $20.67.
Shares of Ardelyx (NASDAQ:ARDX) opened at 14.05 on Tuesday. The stock’s market capitalization is $663.86 million. Ardelyx has a 52 week low of $6.36 and a 52 week high of $20.98. The company’s 50-day moving average is $13.10 and its 200 day moving average is $10.26.
Ardelyx (NASDAQ:ARDX) last issued its quarterly 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. On average, equities analysts forecast that Ardelyx will post ($3.03) EPS for the current fiscal year.
In other Ardelyx news, SVP Jeffrey W. Jacobs sold 6,000 shares of Ardelyx 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Elizabeth A. Grammer sold 6,859 shares of Ardelyx stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $11.21, for a total transaction of $76,889.39. The disclosure for this sale can be found here. Company insiders own 15.46% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wedbush Securities Inc. acquired a new position in shares of Ardelyx during the third quarter worth $149,000. American International Group Inc. boosted its position in shares of 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 period. Highbridge Capital Management LLC acquired a new position in shares of Ardelyx during the second quarter worth $129,000. Emerald Acquisition Ltd. acquired a new position in shares of Ardelyx during the third quarter worth $252,000. Finally, Rhumbline Advisers boosted its position in shares of Ardelyx by 25.7% in the second quarter. Rhumbline Advisers now owns 24,739 shares of the biopharmaceutical company’s stock worth $216,000 after buying an additional 5,053 shares during the period. 65.09% of the stock is currently owned by hedge funds and other institutional investors.
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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