A number of other research firms also recently commented on ARDX. Piper Sandler upgraded Ardelyx from a neutral rating to an overweight rating and lifted their target price for the company from $3.00 to $8.00 in a research report on Thursday, November 17th. Citigroup boosted their price objective on Ardelyx from $6.00 to $7.00 and gave the company a buy rating in a report on Friday, December 30th. Finally, Cantor Fitzgerald lifted their price target on shares of Ardelyx from $1.60 to $3.00 in a research note on Thursday, December 29th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $4.80.
Ardelyx Trading Up 2.2 %
Shares of ARDX opened at $3.25 on Friday. Ardelyx has a 12 month low of $0.49 and a 12 month high of $3.43. The stock’s 50 day moving average is $2.32 and its two-hundred day moving average is $1.55. The firm has a market cap of $645.37 million, a P/E ratio of -3.82 and a beta of 1.18.
Institutional Trading of Ardelyx
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Ardelyx by 9.7% during the third quarter. Vanguard Group Inc. now owns 5,745,518 shares of the biopharmaceutical company’s stock worth $6,838,000 after purchasing an additional 508,901 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Ardelyx by 1.3% in the 1st quarter. BlackRock Inc. now owns 5,700,576 shares of the biopharmaceutical company’s stock valued at $6,100,000 after acquiring an additional 71,592 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of Ardelyx in the 2nd quarter valued at $2,950,000. Prosight Management LP acquired a new position in shares of Ardelyx in the 2nd quarter valued at $1,276,000. Finally, State Street Corp increased its holdings in shares of Ardelyx by 7.0% in the 1st quarter. State Street Corp now owns 2,127,557 shares of the biopharmaceutical company’s stock valued at $2,276,000 after acquiring an additional 139,484 shares during the period. Institutional investors and hedge funds own 40.44% of the company’s stock.
Ardelyx Company Profile
Ardelyx, Inc, a biopharmaceutical company, discovers, develops, and commercializes medicines to treat gastrointestinal and cardiorenal therapeutic areas in the United States and internationally. 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 to control serum phosphorus in adult patients with chronic kidney disease (CKD)on dialysis, or hyperphosphatemia.
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