Cantor Fitzgerald Increases Ardelyx, Inc. (ARDX) Price Target to $14.00

Ardelyx, Inc. (NASDAQ:ARDX) had its price objective lifted by stock analysts at Cantor Fitzgerald from $12.00 to $14.00 in a report issued on Thursday. The brokerage currently has an “overweight” rating on the biopharmaceutical company’s stock. Cantor Fitzgerald’s target price suggests a potential upside of 159.26% from the stock’s current price.

A number of other research firms also recently issued reports on ARDX. ValuEngine upgraded Ardelyx from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 6th. BidaskClub upgraded Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, Zacks Investment Research downgraded Ardelyx from a “buy” rating to a “hold” rating in a research note on Tuesday, July 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $16.00.

Shares of Ardelyx (ARDX) traded up 57.41% during midday trading on Thursday, hitting $8.50. The stock had a trading volume of 12,726,008 shares. The firm has a 50 day moving average price of $5.44 and a 200 day moving average price of $7.03. Ardelyx has a one year low of $4.05 and a one year high of $16.30. The stock’s market cap is $403.28 million.

Ardelyx (NASDAQ:ARDX) last issued its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.54) earnings per share for the quarter, topping the consensus estimate of ($0.63) by $0.09. On average, equities analysts forecast that Ardelyx will post ($2.19) earnings per share for the current fiscal year.

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A number of large investors have recently added to or reduced their stakes in ARDX. KCG Holdings Inc. purchased a new position in shares of Ardelyx in the 1st quarter valued at approximately $127,000. Bank of America Corp DE grew its stake in shares of Ardelyx by 52.6% in the 1st quarter. Bank of America Corp DE now owns 10,612 shares of the biopharmaceutical company’s stock valued at $134,000 after purchasing an additional 3,659 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of Ardelyx by 7.9% in the 1st quarter. Alliancebernstein L.P. now owns 13,700 shares of the biopharmaceutical company’s stock valued at $173,000 after purchasing an additional 1,000 shares during the last quarter. American International Group Inc. grew its stake in shares of Ardelyx by 43.8% in the 1st quarter. American International Group Inc. now owns 18,926 shares of the biopharmaceutical company’s stock valued at $239,000 after purchasing an additional 5,765 shares during the last quarter. Finally, Tudor Investment Corp ET AL purchased a new position in shares of Ardelyx in the 2nd quarter valued at approximately $111,000. Hedge funds and other institutional investors own 78.58% of the company’s stock.

Ardelyx Company Profile

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.

Analyst Recommendations for Ardelyx (NASDAQ:ARDX)

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