Ardelyx (NASDAQ:ARDX) Upgraded to "Strong-Buy" at Cantor Fitzgerald

Ardelyx (NASDAQ:ARDX - Get Free Report) was upgraded by equities research analysts at Cantor Fitzgerald to a "strong-buy" rating in a research report issued on Thursday,Zacks.com reports.

Other research analysts have also issued reports about the company. HC Wainwright reiterated a "neutral" rating and issued a $5.50 target price on shares of Ardelyx in a report on Thursday, January 16th. Piper Sandler boosted their target price on Ardelyx from $7.00 to $8.00 and gave the stock a "neutral" rating in a research report on Monday, January 27th. Citigroup lowered their price target 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 reduced their target price on Ardelyx from $11.00 to $8.00 and set a "buy" rating on the stock in a research note on Thursday, January 2nd. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $9.42.

Ardelyx Trading Up 2.7 %

Shares of NASDAQ ARDX traded up $0.15 during trading on Thursday, reaching $5.44. The stock had a trading volume of 1,944,891 shares, compared to its average volume of 4,672,728. Ardelyx has a fifty-two week low of $4.32 and a fifty-two week high of $10.13. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.87 and a current ratio of 4.03. The business's 50-day moving average price is $5.23 and its 200-day moving average price is $5.63. The company has a market cap of $1.29 billion, a P/E ratio of -18.15 and a beta of 0.85.

Insider Transactions at Ardelyx

In other news, CEO Michael Raab sold 41,666 shares of the firm's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $5.36, for a total transaction of $223,329.76. Following the completion of the sale, the chief executive officer now directly owns 1,108,719 shares in the company, valued at $5,942,733.84. This trade represents a 3.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David M. Mott bought 213,300 shares of the stock in a transaction dated Thursday, December 19th. The shares were acquired at an average price of $4.67 per share, with a total value of $996,111.00. Following the completion of the purchase, the director now directly owns 1,638,765 shares of the company's stock, valued at approximately $7,653,032.55. This represents a 14.96 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 207,852 shares of company stock worth $1,103,423 in the last ninety days. Insiders own 5.90% of the company's stock.

Institutional Trading of Ardelyx

Several large investors have recently modified their holdings of ARDX. AQR Capital Management LLC grew its stake in shares of Ardelyx by 145.6% during the second quarter. AQR Capital Management LLC now owns 416,353 shares of the biopharmaceutical company's stock valued at $3,085,000 after acquiring an additional 246,819 shares in the last quarter. Algert Global LLC acquired a new stake in shares of Ardelyx during the second quarter valued at about $174,000. Creative Planning lifted its position in shares of Ardelyx by 90.0% during the second quarter. Creative Planning now owns 40,417 shares of the biopharmaceutical company's stock worth $299,000 after purchasing an additional 19,140 shares during the last quarter. B. Riley Wealth Advisors Inc. bought a new position in shares of Ardelyx during the second quarter worth about $645,000. Finally, Helen Stephens Group LLC bought a new position in shares of Ardelyx during the third quarter worth about $76,000. 58.92% of the stock is currently owned by institutional investors and hedge funds.

About Ardelyx

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.