Ardelyx, Inc. (NASDAQ:ARDX – Get Free Report)’s stock price was up 8.3% during trading on Monday . The stock traded as high as $5.82 and last traded at $5.49. Approximately 4,155,661 shares traded hands during mid-day trading, an increase of 0% from the average daily volume of 4,141,302 shares. The stock had previously closed at $5.07.
Wall Street Analyst Weigh In
A number of analysts have weighed in on the stock. HC Wainwright lowered shares of Ardelyx from a “buy” rating to a “neutral” rating and cut their target price for the company from $11.00 to $5.50 in a research report on Monday, November 11th. Citigroup cut their price objective on Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Finally, Jefferies Financial Group lowered their target price on Ardelyx from $11.00 to $8.00 and set a “buy” rating for the company in a report on Thursday, January 2nd. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Ardelyx presently has a consensus rating of “Moderate Buy” and an average target price of $9.25.
Get Our Latest Analysis on Ardelyx
Ardelyx Stock Performance
Insider Transactions at Ardelyx
In other news, insider Laura A. Williams sold 7,366 shares of the stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $4.79, for a total transaction of $35,283.14. Following the completion of the sale, the insider now directly owns 308,745 shares in the company, valued at $1,478,888.55. This represents a 2.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael Raab sold 25,000 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $5.91, for a total transaction of $147,750.00. Following the completion of the transaction, the chief executive officer now owns 1,210,108 shares in the company, valued at approximately $7,151,738.28. The trade was a 2.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 218,358 shares of company stock worth $1,189,516 over the last ninety days. 5.90% of the stock is owned by insiders.
Institutional Trading of Ardelyx
A number of large investors have recently bought and sold shares of the business. State Street Corp boosted its position 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 valued at $83,657,000 after purchasing an additional 176,789 shares in the last quarter. Rubric Capital Management LP increased 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 acquiring an additional 1,243,606 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Ardelyx by 274.3% during the third quarter. BNP Paribas Financial Markets now owns 181,387 shares of the biopharmaceutical company’s stock worth $1,250,000 after acquiring an additional 132,928 shares in the last quarter. Vestal Point Capital LP bought a new position in Ardelyx during the third quarter worth $3,445,000. Finally, Millennium Management LLC grew its holdings in Ardelyx by 142.8% in the second quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock worth $23,735,000 after purchasing an additional 1,883,995 shares during the period. 58.92% of the stock is currently owned by institutional investors and hedge funds.
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 for the treatment of patients with irritable bowel syndrome with constipation.
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