BTIG Research Lowers Ardelyx, Inc. (ARDX) Price Target to $12.00

Ardelyx, Inc. (NASDAQ:ARDX) had its target price reduced by BTIG Research from $18.00 to $12.00 in a report published on Tuesday, May 23rd. They currently have a buy rating on the biopharmaceutical company’s stock.

A number of other equities analysts have also issued reports on ARDX. Zacks Investment Research raised Ardelyx from a sell rating to a hold rating in a report on Tuesday, February 7th. Wedbush reissued an outperform rating and issued a $24.00 price objective on shares of Ardelyx in a report on Wednesday, February 15th. Citigroup Inc. reissued a buy rating and issued a $12.00 price objective (down from $17.00) on shares of Ardelyx in a report on Monday, May 15th. Finally, Cantor Fitzgerald reissued an overweight rating and issued a $12.00 price objective (down from $19.00) on shares of Ardelyx in a report on Friday, May 19th. One equities research analyst has rated the stock with a sell rating and six have given a buy rating to the company. Ardelyx currently has an average rating of Buy and a consensus target price of $14.13.

Ardelyx (ARDX) traded down 4.40% during mid-day trading on Tuesday, hitting $4.35. The company had a trading volume of 667,078 shares. Ardelyx has a 52-week low of $4.05 and a 52-week high of $16.30. The firm’s market cap is $206.13 million. The stock’s 50 day moving average price is $7.47 and its 200 day moving average price is $11.88.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings data on Friday, May 5th. The biopharmaceutical company reported ($0.59) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.65) by $0.06. On average, equities research analysts predict that Ardelyx will post ($2.46) EPS for the current fiscal year.

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A number of institutional investors have recently modified their holdings of ARDX. State Street Corp raised its position in shares of Ardelyx by 14.9% in the fourth quarter. State Street Corp now owns 462,228 shares of the biopharmaceutical company’s stock worth $6,565,000 after buying an additional 59,813 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Ardelyx during the fourth quarter worth about $258,000. AWM Investment Company Inc. purchased a new position in shares of Ardelyx during the third quarter worth about $1,294,000. Sphera Funds Management LTD. raised its position in shares of Ardelyx by 127.3% in the first quarter. Sphera Funds Management LTD. now owns 345,000 shares of the biopharmaceutical company’s stock worth $4,364,000 after buying an additional 193,187 shares during the last quarter. Finally, Emory University raised its position in shares of Ardelyx by 36.0% in the first quarter. Emory University now owns 189,477 shares of the biopharmaceutical company’s stock worth $2,397,000 after buying an additional 50,120 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Ardelyx Company Profile

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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