Shares of Ardelyx Inc (NASDAQ:ARDX) have been given a consensus recommendation of “Buy” by the eight ratings firms that are covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $10.75.
Several equities analysts recently issued reports on the company. Jefferies Financial Group assumed coverage on Ardelyx in a report on Friday, August 24th. They set a “buy” rating and a $7.00 price objective for the company. Zacks Investment Research cut Ardelyx from a “buy” rating to a “hold” rating in a report on Monday, August 13th. Citigroup reduced their price objective on Ardelyx from $17.00 to $11.00 and set a “buy” rating for the company in a report on Thursday, August 9th. Finally, BidaskClub raised Ardelyx from a “sell” rating to a “hold” rating in a report on Friday, September 28th.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Marshall Wace LLP raised its holdings in shares of Ardelyx by 132.9% in the second quarter. Marshall Wace LLP now owns 27,359 shares of the biopharmaceutical company’s stock worth $101,000 after acquiring an additional 15,610 shares during the last quarter. Cubist Systematic Strategies LLC raised its holdings in shares of Ardelyx by 173.3% in the second quarter. Cubist Systematic Strategies LLC now owns 32,266 shares of the biopharmaceutical company’s stock worth $119,000 after acquiring an additional 20,458 shares during the last quarter. Wedbush Securities Inc. acquired a new position in shares of Ardelyx in the third quarter worth $158,000. Alps Advisors Inc. acquired a new position in shares of Ardelyx in the second quarter worth $323,000. Finally, Panagora Asset Management Inc. acquired a new position in shares of Ardelyx in the third quarter worth $343,000. 75.87% of the stock is owned by institutional investors.
Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings data on Wednesday, November 7th. The biopharmaceutical company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.41) by $0.02. As a group, research analysts predict that Ardelyx will post -1.57 earnings per share for the current year.
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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