Brokerages Set Ardelyx Inc (NASDAQ:ARDX) Price Target at $11.00

Shares of Ardelyx Inc (NASDAQ:ARDX) have received a consensus rating of “Hold” from the six brokerages that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $11.00.

Several equities analysts recently issued reports on ARDX shares. ValuEngine lowered Zumiez from a “hold” rating to a “sell” rating in a research note on Monday, May 13th. Piper Jaffray Companies set a $20.00 target price on Immunomedics and gave the stock a “buy” rating in a research note on Monday, April 8th.

In related news, CEO Michael Raab sold 10,054 shares of the stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $2.54, for a total transaction of $25,537.16. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last three months, insiders have sold 18,787 shares of company stock worth $47,753. 15.31% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of ARDX. BNP Paribas Arbitrage SA increased its holdings in shares of Ardelyx by 297.1% in the 1st quarter. BNP Paribas Arbitrage SA now owns 9,289 shares of the biopharmaceutical company’s stock valued at $26,000 after acquiring an additional 6,950 shares during the last quarter. HRT Financial LLC purchased a new position in shares of Ardelyx in the 4th quarter valued at about $29,000. Bailard Inc. purchased a new position in shares of Ardelyx in the 1st quarter valued at about $65,000. Paloma Partners Management Co purchased a new position in shares of Ardelyx in the 4th quarter valued at about $66,000. Finally, Rhumbline Advisers increased its holdings in shares of Ardelyx by 61.6% in the 4th quarter. Rhumbline Advisers now owns 59,522 shares of the biopharmaceutical company’s stock valued at $107,000 after acquiring an additional 22,686 shares during the last quarter. Institutional investors own 73.54% of the company’s stock.

ARDX opened at $2.50 on Wednesday. The business’s 50-day moving average price is $2.62. Ardelyx has a 12-month low of $1.60 and a 12-month high of $4.60. The company has a current ratio of 7.41, a quick ratio of 7.41 and a debt-to-equity ratio of 0.58.

Ardelyx (NASDAQ:ARDX) last posted its earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($0.42) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.39) by ($0.03). Equities analysts forecast that Ardelyx will post -1.52 earnings per share for the current year.

Ardelyx Company Profile

Ardelyx, Inc, a specialized biopharmaceutical company, develops and sells medicines for the treatment of cardio renal diseases 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 for the treatment of hyperphosphatemia in end-stage renal disease patients on dialysis.

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