Ardelyx (NASDAQ:ARDX) Price Target Raised to $8.00

Ardelyx (NASDAQ:ARDX) had its price target hoisted by Piper Sandler from $7.00 to $8.00 in a research report released on Monday,Benzinga reports. Piper Sandler currently has a neutral rating on the biopharmaceutical company’s stock.

Several other brokerages have also recently commented on ARDX. Jefferies Financial Group decreased their price target on shares of Ardelyx from $11.00 to $8.00 and set a “buy” rating on the stock in a research note on Thursday, January 2nd. HC Wainwright reissued a “neutral” rating and set a $5.50 price target on shares of Ardelyx in a research note on Thursday, January 16th. Finally, Citigroup cut their price target on Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a report on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $9.42.

Ardelyx Trading Down 0.2 %

Ardelyx stock opened at $5.48 on Monday. Ardelyx has a 12-month low of $4.32 and a 12-month high of $10.13. The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of -18.27 and a beta of 0.85. The firm has a 50 day moving average of $5.22 and a 200 day moving average of $5.64. The company has a current ratio of 4.03, a quick ratio of 3.87 and a debt-to-equity ratio of 0.64.

Insider Transactions at Ardelyx

In other Ardelyx news, Director David M. Mott purchased 199,000 shares of Ardelyx stock in a transaction dated Tuesday, January 21st. The shares were acquired at an average cost of $4.99 per share, with a total value of $993,010.00. Following the completion of the transaction, the director now owns 1,937,765 shares in the company, valued at approximately $9,669,447.35. This trade represents a 11.44 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider David P. Rosenbaum sold 27,172 shares of the business’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $5.95, for a total value of $161,673.40. Following the transaction, the insider now owns 153,616 shares in the company, valued at approximately $914,015.20. This trade represents a 15.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 193,358 shares of company stock valued at $1,041,766. Corporate insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Ardelyx

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Millennium Management LLC grew its position in Ardelyx by 142.8% during the 2nd quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock worth $23,735,000 after purchasing an additional 1,883,995 shares during the period. Rubric Capital Management LP grew its holdings in Ardelyx by 68.5% during the third quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company’s stock worth $21,085,000 after acquiring an additional 1,243,606 shares during the period. Eventide Asset Management LLC raised its position in Ardelyx by 11.2% during the third quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company’s stock valued at $51,076,000 after acquiring an additional 746,067 shares in the last quarter. Vestal Point Capital LP purchased a new stake in Ardelyx in the 3rd quarter worth approximately $3,445,000. Finally, Squarepoint Ops LLC grew its stake in shares of Ardelyx by 375.9% during the 2nd quarter. Squarepoint Ops LLC now owns 460,689 shares of the biopharmaceutical company’s stock worth $3,414,000 after purchasing an additional 363,894 shares during the period. Institutional investors and hedge funds own 58.92% of the company’s stock.

About Ardelyx

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 for the treatment of patients with irritable bowel syndrome with constipation.