Ardelyx, Inc. (ARDX) Sees Large Volume Increase

Ardelyx, Inc. (NASDAQ:ARDX) shares saw an uptick in trading volume on Tuesday . 1,617,944 shares traded hands during mid-day trading, an increase of 221% from the previous session’s volume of 504,795 shares.The stock last traded at $6.30 and had previously closed at $5.60.

A number of research firms have recently weighed in on ARDX. Leerink Swann reiterated an “outperform” rating and issued a $13.00 price target on shares of Ardelyx in a research report on Tuesday, October 17th. Cantor Fitzgerald reiterated a “buy” rating and issued a $12.00 price target on shares of Ardelyx in a research report on Tuesday. Ladenburg Thalmann Financial Services dropped their price target on shares of Ardelyx from $19.00 to $16.00 and set a “buy” rating for the company in a research report on Wednesday. Zacks Investment Research upgraded shares of Ardelyx from a “sell” rating to a “buy” rating and set a $6.50 price target for the company in a research report on Friday, November 10th. Finally, Citigroup Inc. lifted their price target on shares of Ardelyx from $14.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday, October 12th. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $14.64.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings data on Tuesday, November 7th. The biopharmaceutical company reported ($0.44) EPS for the quarter, beating the consensus estimate of ($0.54) by $0.10. During the same quarter last year, the company earned ($0.65) EPS. sell-side analysts expect that Ardelyx, Inc. will post -2.05 EPS for the current year.

In other Ardelyx news, COO Reginald Seeto sold 10,008 shares of the business’s stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $5.20, for a total transaction of $52,041.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 15.47% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in ARDX. Teachers Advisors LLC raised its position in Ardelyx by 549.9% during the first quarter. Teachers Advisors LLC now owns 306,935 shares of the biopharmaceutical company’s stock valued at $3,883,000 after purchasing an additional 259,705 shares in the last quarter. Kennedy Capital Management Inc. acquired a new position in Ardelyx during the second quarter valued at approximately $1,274,000. Dimensional Fund Advisors LP raised its position in Ardelyx by 280.7% during the second quarter. Dimensional Fund Advisors LP now owns 259,202 shares of the biopharmaceutical company’s stock valued at $1,322,000 after purchasing an additional 191,121 shares in the last quarter. DAFNA Capital Management LLC raised its position in Ardelyx by 68.4% during the second quarter. DAFNA Capital Management LLC now owns 373,409 shares of the biopharmaceutical company’s stock valued at $1,904,000 after purchasing an additional 151,671 shares in the last quarter. Finally, Axiom International Investors LLC DE raised its position in Ardelyx by 65.6% during the third quarter. Axiom International Investors LLC DE now owns 183,227 shares of the biopharmaceutical company’s stock valued at $1,026,000 after purchasing an additional 72,573 shares in the last quarter. Institutional investors and hedge funds own 78.82% of the company’s stock.

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About Ardelyx

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.

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