Ardelyx (NASDAQ:ARDX) Raised to “Buy” at StockNews.com

Posted by Defense World Staff on May 3rd, 2023

Ardelyx (NASDAQ:ARDX – Get Rating) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Wednesday.

Separately, Wedbush raised their price objective on shares of Ardelyx from $6.00 to $7.00 and gave the company an “outperform” rating in a research report on Monday, April 17th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Ardelyx has an average rating of “Moderate Buy” and a consensus target price of $6.25.

Ardelyx Trading Down 4.5 %

ARDX stock opened at $4.44 on Wednesday. The firm has a 50 day moving average of $4.16 and a 200-day moving average of $2.93. Ardelyx has a 12 month low of $0.49 and a 12 month high of $5.13. The firm has a market capitalization of $952.20 million, a P/E ratio of -9.25 and a beta of 1.18.

Insider Buying and Selling at Ardelyx

In other Ardelyx news, CEO Michael Raab sold 13,449 shares of Ardelyx stock in a transaction that occurred on Tuesday, February 21st. The shares were sold at an average price of $3.00, for a total transaction of $40,347.00. Following the completion of the sale, the chief executive officer now directly owns 896,012 shares in the company, valued at $2,688,036. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold a total of 23,075 shares of company stock worth $74,115 over the last three months. 6.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ARDX. Raymond James Financial Services Advisors Inc. raised its stake in shares of 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 acquiring an additional 7,000 shares in the last quarter. Ameritas Advisory Services LLC purchased a new position in shares of Ardelyx in the fourth quarter worth $34,000. HighTower Advisors LLC purchased a new position in shares of Ardelyx in the fourth quarter worth $35,000. Legacy Wealth Asset Management LLC purchased a new position in shares of Ardelyx in the fourth quarter worth $37,000. Finally, IFP Advisors Inc purchased a new position in shares of Ardelyx in the fourth quarter worth $40,000. 40.44% of the stock is owned by hedge funds and other institutional investors.

About Ardelyx

(Get Rating)

Ardelyx, Inc is a biopharmaceutical company. It engages in the research, development, and commercialization of medicine for the treatment of cardiorenal diseases. Its product portfolio includes tenapanor, which is an experimental medication that works exclusively in the gut and is in late-stage clinical development.

Receive News & Ratings for Ardelyx Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ardelyx and related companies with MarketBeat.com's FREE daily email newsletter.