Ardelyx, Inc. (ARDX) Sees Strong Trading Volume After Analyst Upgrade

Ardelyx, Inc. (NASDAQ:ARDX) saw an uptick in trading volume on Thursday after Citigroup raised their price target on the stock from $14.00 to $19.00. Citigroup currently has a buy rating on the stock. 26,135,863 shares traded hands during mid-day trading, an increase of 9,373% from the previous session’s volume of 275,898 shares.The stock last traded at $7.80 and had previously closed at $5.40.

Several other research firms have also issued reports on ARDX. BidaskClub raised Ardelyx from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. Zacks Investment Research lowered Ardelyx from a “buy” rating to a “hold” rating in a research report on Tuesday, July 18th. Cantor Fitzgerald boosted their target price on Ardelyx from $12.00 to $14.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, ValuEngine raised Ardelyx from a “strong sell” rating to a “sell” rating in a research report on Thursday, July 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $17.40.

A number of large investors have recently modified their holdings of the business. Perceptive Advisors LLC raised its position in Ardelyx by 2.7% in the 1st quarter. Perceptive Advisors LLC now owns 1,886,196 shares of the biopharmaceutical company’s stock worth $23,860,000 after buying an additional 50,000 shares during the last quarter. Vanguard Group Inc. raised its position 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 last quarter. Marshall Wace North America L.P. raised its position in Ardelyx by 2.1% in the 2nd quarter. Marshall Wace North America L.P. now owns 807,246 shares of the biopharmaceutical company’s stock worth $4,036,000 after buying an additional 16,764 shares during the last quarter. State Street Corp raised its position in Ardelyx by 3.7% in the 2nd quarter. State Street Corp now owns 507,918 shares of the biopharmaceutical company’s stock worth $2,592,000 after buying an additional 18,210 shares during the last quarter. Finally, DAFNA Capital Management LLC raised its position in Ardelyx by 68.4% in the 2nd quarter. DAFNA Capital Management LLC now owns 373,409 shares of the biopharmaceutical company’s stock worth $1,904,000 after buying an additional 151,671 shares during the last quarter. 78.58% of the stock is owned by institutional investors and hedge funds.

The firm has a 50-day moving average price of $5.44 and a 200 day moving average price of $7.03. The firm’s market capitalization is $370.07 million.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.54) EPS for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.09. On average, equities research analysts forecast that Ardelyx, Inc. will post ($2.19) earnings per share for the current year.

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About Ardelyx

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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