Ardelyx’s (ARDX) “Neutral” Rating Reaffirmed at HC Wainwright

Ardelyx (NASDAQ:ARDX)‘s stock had its “neutral” rating reiterated by stock analysts at HC Wainwright in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $5.50 price target on the biopharmaceutical company’s stock. HC Wainwright’s price objective would suggest a potential upside of 7.63% from the stock’s previous close.

Other research analysts have also issued reports about the stock. Citigroup decreased their price target on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Jefferies Financial Group decreased their target price on Ardelyx from $11.00 to $8.00 and set a “buy” rating on the stock in a research report on Thursday, January 2nd. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $9.25.

Ardelyx Price Performance

ARDX traded down $0.24 during midday trading on Thursday, hitting $5.11. 1,141,967 shares of the company traded hands, compared to its average volume of 4,924,069. The business has a 50 day simple moving average of $5.17 and a two-hundred day simple moving average of $5.67. Ardelyx has a 52-week low of $4.32 and a 52-week high of $10.13. The company has a market capitalization of $1.21 billion, a price-to-earnings ratio of -17.03 and a beta of 0.85. 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, CFO Justin A. Renz sold 5,260 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $4.79, for a total value of $25,195.40. Following the completion of the sale, the chief financial officer now directly owns 291,139 shares of the company’s stock, valued at $1,394,555.81. This trade represents a 1.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David M. Mott purchased 213,300 shares of the stock in a transaction dated Thursday, December 19th. The shares were purchased at an average cost of $4.67 per share, for a total transaction of $996,111.00. Following the transaction, the director now owns 1,638,765 shares in the company, valued at approximately $7,653,032.55. The trade was a 14.96 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 218,358 shares of company stock worth $1,189,516 in the last ninety days. Insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Ardelyx

A number of institutional investors have recently bought and sold shares of ARDX. State Street Corp increased its holdings in shares of Ardelyx by 1.5% during the 3rd quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company’s stock worth $83,657,000 after buying an additional 176,789 shares during the last quarter. Eventide Asset Management LLC grew its position in Ardelyx by 11.2% in the third quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company’s stock worth $51,076,000 after acquiring an additional 746,067 shares during the period. Geode Capital Management LLC increased its stake in Ardelyx by 0.3% during the third quarter. Geode Capital Management LLC now owns 5,487,742 shares of the biopharmaceutical company’s stock worth $37,818,000 after acquiring an additional 17,296 shares during the last quarter. Millennium Management LLC raised its position in Ardelyx by 142.8% in the second quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock valued at $23,735,000 after purchasing an additional 1,883,995 shares during the period. Finally, Rubric Capital Management LP lifted its stake in shares of Ardelyx by 68.5% in the 3rd quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company’s stock valued at $21,085,000 after purchasing an additional 1,243,606 shares during the last quarter. 58.92% of the stock is owned by hedge funds and other institutional investors.

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.