Piper Sandler Upgrades Ardelyx (NASDAQ:ARDX) to “Overweight”

Ardelyx (NASDAQ:ARDXGet Rating) was upgraded by research analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. The firm currently has a $8.00 price objective on the biopharmaceutical company’s stock, up from their previous price objective of $3.00. Piper Sandler’s price target points to a potential upside of 284.62% from the stock’s previous close.

Several other equities analysts also recently weighed in on ARDX. StockNews.com started coverage on shares of Ardelyx in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Wedbush reissued a “neutral” rating on shares of Ardelyx in a research note on Friday, August 5th. Finally, Citigroup decreased their price target on shares of Ardelyx from $12.00 to $10.00 in a research note on Thursday, August 18th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Ardelyx presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.17.

Ardelyx Stock Up 20.9 %

Shares of NASDAQ ARDX opened at $2.08 on Thursday. The company’s 50-day simple moving average is $1.38 and its 200-day simple moving average is $0.98. Ardelyx has a 52-week low of $0.49 and a 52-week high of $2.19. The firm has a market cap of $389.92 million, a price-to-earnings ratio of -2.45 and a beta of 1.48.

Insiders Place Their Bets

In other Ardelyx news, insider Robert Blanks sold 100,000 shares of Ardelyx stock in a transaction dated Wednesday, October 5th. The shares were sold at an average price of $1.50, for a total transaction of $150,000.00. Following the transaction, the insider now directly owns 195,827 shares of the company’s stock, valued at $293,740.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 132,906 shares of company stock valued at $183,558 over the last ninety days. Company insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Ardelyx

Institutional investors have recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. raised its stake in Ardelyx by 45.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 22,500 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 7,000 shares during the period. Tower Research Capital LLC TRC purchased a new stake in shares of Ardelyx in the 3rd quarter valued at approximately $54,000. Mirabella Financial Services LLP purchased a new stake in shares of Ardelyx in the 1st quarter valued at approximately $51,000. Sargent Investment Group LLC purchased a new stake in shares of Ardelyx in the 3rd quarter valued at approximately $94,000. Finally, Virtu Financial LLC purchased a new stake in shares of Ardelyx in the 3rd quarter valued at approximately $84,000. 24.57% of the stock is owned by hedge funds and other institutional investors.

About Ardelyx

(Get Rating)

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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