Ardelyx Inc (NASDAQ:ARDX) shares were down 0% during mid-day trading on Wednesday . The company traded as low as $3.90 and last traded at $3.95. Approximately 1,322,401 shares changed hands during trading, an increase of 168% from the average daily volume of 493,979 shares. The stock had previously closed at $3.95.
A number of research analysts recently issued reports on ARDX shares. Cantor Fitzgerald set a $12.00 price objective on Ardelyx and gave the stock a “buy” rating in a report on Saturday, March 17th. Wedbush reiterated an “outperform” rating on shares of Ardelyx in a report on Thursday, March 15th. Leerink Swann reiterated an “outperform” rating and set a $13.00 price objective on shares of Ardelyx in a report on Monday, March 19th. Zacks Investment Research downgraded Ardelyx from a “hold” rating to a “sell” rating in a report on Tuesday, March 20th. Finally, BidaskClub upgraded Ardelyx from a “sell” rating to a “hold” rating in a report on Thursday, May 17th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $13.08.
The stock has a market cap of $188.03 million, a P/E ratio of -2.96 and a beta of 0.73.
Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings results on Tuesday, May 8th. The biopharmaceutical company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.46) by $0.10. The company had revenue of $2.32 million for the quarter. equities analysts predict that Ardelyx Inc will post -1.69 EPS for the current fiscal year.
In related news, Director Gordon Ringold purchased 10,000 shares of Ardelyx stock in a transaction that occurred on Wednesday, May 30th. The stock was purchased at an average cost of $4.00 per share, with a total value of $40,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 16.60% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Algert Global LLC acquired a new position in Ardelyx during the first quarter valued at approximately $253,000. Trexquant Investment LP boosted its position in Ardelyx by 200.8% during the first quarter. Trexquant Investment LP now owns 53,210 shares of the biopharmaceutical company’s stock valued at $269,000 after purchasing an additional 35,522 shares during the last quarter. Virtus Fund Advisers LLC acquired a new position in Ardelyx during the fourth quarter valued at approximately $386,000. A.R.T. Advisors LLC acquired a new position in Ardelyx during the first quarter valued at approximately $367,000. Finally, TIAA CREF Investment Management LLC boosted its position in Ardelyx by 10.3% during the fourth quarter. TIAA CREF Investment Management LLC now owns 94,898 shares of the biopharmaceutical company’s stock valued at $626,000 after purchasing an additional 8,869 shares during the last quarter. 73.95% of the stock is owned by hedge funds and other institutional investors.
Ardelyx, Inc, a specialized biopharmaceutical company, develops and sells disruptive medicines for the treatment of cardio renal and gastrointestinal diseases in the United States and Asia Pacific. The company's lead product candidate is tenapanor, which has completed Phase III clinical trial for the treatment of patients with irritable bowel syndrome with constipation, as well as in Phase III clinical trial for the treatment of hyperphosphatemia in end-stage renal disease patients on dialysis.
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