Shares of Ardelyx, Inc. (NASDAQ:ARDX – Get Rating) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $2.91 and last traded at $2.90, with a volume of 76617 shares. The stock had previously closed at $2.75.
Analyst Ratings Changes
Several equities analysts recently issued reports on ARDX shares. Cantor Fitzgerald lifted their price objective on Ardelyx from $1.60 to $3.00 in a report on Thursday, December 29th. Piper Sandler raised Ardelyx from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $3.00 to $8.00 in a report on Thursday, November 17th. Citigroup lifted their price objective on Ardelyx from $6.00 to $7.00 and gave the stock a “buy” rating in a report on Friday, December 30th. Finally, StockNews.com raised Ardelyx from a “sell” rating to a “hold” rating in a research report on Friday. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Ardelyx presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.80.
Ardelyx Price Performance
The firm has a market cap of $538.01 million, a PE ratio of -3.38 and a beta of 1.18. The stock has a 50-day moving average price of $1.91 and a 200 day moving average price of $1.34.
Institutional Investors Weigh In On Ardelyx
A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Ardelyx by 9.7% during the third quarter. Vanguard Group Inc. now owns 5,745,518 shares of the biopharmaceutical company’s stock valued at $6,838,000 after acquiring an additional 508,901 shares during the period. BlackRock Inc. lifted its stake in shares of Ardelyx by 1.3% during the first quarter. BlackRock Inc. now owns 5,700,576 shares of the biopharmaceutical company’s stock worth $6,100,000 after purchasing an additional 71,592 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Ardelyx during the second quarter worth about $2,950,000. Great Point Partners LLC acquired a new position in shares of Ardelyx in the first quarter worth about $5,095,000. Finally, Prosight Management LP acquired a new position in shares of Ardelyx in the second quarter worth about $1,276,000. Hedge funds and other institutional investors own 40.44% of the company’s stock.
Ardelyx Company Profile
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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