Ardelyx (NASDAQ:ARDX) Given New $8.00 Price Target at Piper Sandler

Ardelyx (NASDAQ:ARDX - Free Report) had its price objective upped by Piper Sandler from $7.00 to $8.00 in a research note issued to investors on Monday,Benzinga reports. Piper Sandler currently has a neutral rating on the biopharmaceutical company's stock.

Several other research analysts have also recently weighed in on ARDX. Jefferies Financial Group cut their price target on shares of Ardelyx from $11.00 to $8.00 and set a "buy" rating on the stock in a report on Thursday, January 2nd. Citigroup reduced their target price on Ardelyx from $12.00 to $10.00 and set a "buy" rating for the company in a report on Monday, November 4th. Finally, HC Wainwright reissued a "neutral" rating and issued a $5.50 price objective on shares of Ardelyx in a research report on Thursday, January 16th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $9.42.

Ardelyx Trading Up 0.1 %

Shares of ARDX stock traded up $0.01 during trading hours on Monday, hitting $5.37. 3,826,830 shares of the company were exchanged, compared to its average volume of 4,894,459. The company has a 50 day simple moving average of $5.23 and a two-hundred day simple moving average of $5.64. The firm has a market cap of $1.27 billion, a P/E ratio of -17.88 and a beta of 0.85. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.87 and a current ratio of 4.03. Ardelyx has a fifty-two week low of $4.32 and a fifty-two week high of $10.13.

Insiders Place Their Bets

In related news, insider David P. Rosenbaum sold 27,172 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $5.95, for a total transaction of $161,673.40. Following the completion of the sale, the insider now directly owns 153,616 shares in the company, valued at $914,015.20. This represents a 15.03 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David M. Mott acquired 213,300 shares of the stock in a transaction on Thursday, December 19th. The stock was bought at an average price of $4.67 per share, with a total value of $996,111.00. Following the transaction, the director now directly owns 1,638,765 shares of the company's stock, valued at approximately $7,653,032.55. The trade was a 14.96 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 193,358 shares of company stock valued at $1,041,766 over the last 90 days. Insiders own 5.90% of the company's stock.

Hedge Funds Weigh In On Ardelyx

Hedge funds and other institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. raised its holdings in shares of Ardelyx by 9.4% during the fourth quarter. Principal Financial Group Inc. now owns 148,142 shares of the biopharmaceutical company's stock valued at $751,000 after acquiring an additional 12,703 shares in the last quarter. Rhumbline Advisers increased its position in Ardelyx by 1.9% during the 4th quarter. Rhumbline Advisers now owns 326,124 shares of the biopharmaceutical company's stock valued at $1,653,000 after purchasing an additional 6,070 shares during the period. Newbridge Financial Services Group Inc. bought a new position in Ardelyx in the 4th quarter worth $35,000. Bleakley Financial Group LLC purchased a new stake in shares of Ardelyx in the 4th quarter worth about $98,000. Finally, Clay Northam Wealth Management LLC lifted its position in shares of Ardelyx by 9.3% in the 4th quarter. Clay Northam Wealth Management LLC now owns 307,680 shares of the biopharmaceutical company's stock worth $1,560,000 after purchasing an additional 26,208 shares during the period. 58.92% of the stock is owned by institutional investors.

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.