Ardelyx (ARDX) Lifted to “Buy” at BidaskClub
BidaskClub upgraded shares of Ardelyx (NASDAQ:ARDX) from a hold rating to a buy rating in a research report released on Wednesday.
ARDX has been the topic of several other research reports. Zacks Investment Research cut shares of Ardelyx from a hold rating to a sell rating in a research report on Tuesday, October 17th. Leerink Swann restated an outperform rating and issued a $13.00 price target on shares of Ardelyx in a research report on Tuesday, October 17th. Cantor Fitzgerald set a $12.00 price target on shares of Ardelyx and gave the stock a buy rating in a research report on Tuesday, November 28th. Citigroup boosted their price target on shares of Ardelyx from $14.00 to $19.00 and gave the stock a buy rating in a research report on Thursday, October 12th. Finally, Ladenburg Thalmann Financial Services cut their price objective on shares of Ardelyx from $19.00 to $16.00 and set a buy rating on the stock in a research report on Wednesday, November 22nd. One equities research analyst has rated the stock with a sell rating and eight have issued a buy rating to the company’s stock. Ardelyx has an average rating of Buy and an average target price of $12.64.
Ardelyx (ARDX) opened at $6.60 on Wednesday. Ardelyx has a 1-year low of $4.05 and a 1-year high of $15.40.
Ardelyx (NASDAQ:ARDX) last released its quarterly earnings data on Tuesday, November 7th. The biopharmaceutical company reported ($0.44) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.10. During the same quarter in the prior year, the firm posted ($0.65) EPS. analysts forecast that Ardelyx will post -2.01 earnings per share for the current year.
In related news, COO Reginald Seeto sold 10,008 shares of the company’s stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $5.20, for a total value of $52,041.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 15.47% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Ardelyx by 3.9% in the 2nd quarter. Vanguard Group Inc. now owns 1,277,634 shares of the biopharmaceutical company’s stock worth $6,516,000 after buying an additional 48,077 shares during the period. IndexIQ Advisors LLC lifted its position in shares of Ardelyx by 83.1% during the 3rd quarter. IndexIQ Advisors LLC now owns 68,517 shares of the biopharmaceutical company’s stock valued at $384,000 after buying an additional 31,104 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Ardelyx by 280.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 259,202 shares of the biopharmaceutical company’s stock valued at $1,322,000 after buying an additional 191,121 shares in the last quarter. Kennedy Capital Management Inc. purchased a new position in shares of Ardelyx during the 2nd quarter valued at approximately $1,274,000. Finally, Citadel Advisors LLC purchased a new position in shares of Ardelyx during the 2nd quarter valued at approximately $248,000. Hedge funds and other institutional investors own 76.12% of the company’s stock.
Ardelyx, Inc is a clinical-stage biopharmaceutical company. The Company’s therapeutics focuses on addressing cardiorenal and gastrointestinal (GI) diseases. It operates through the research, development and commercialization of biopharmaceutical products segment. The Company’s products line includes cardiorenal portfolio and gastrointestinal portfolio.
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