Ardelyx (NASDAQ:ARDX) Trading 5.9% Higher

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Ardelyx Inc (NASDAQ:ARDX)’s stock price traded up 5.9% on Tuesday . The stock traded as high as $7.50 and last traded at $7.22, 1,380,542 shares changed hands during mid-day trading. An increase of 87% from the average session volume of 738,160 shares. The stock had previously closed at $6.82.

Several analysts have recently weighed in on the stock. Zacks Investment Research raised shares of Ardelyx from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Svb Leerink lifted their target price on shares of Ardelyx from $8.00 to $9.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. BidaskClub downgraded shares of Ardelyx from a “buy” rating to a “hold” rating in a report on Saturday, November 23rd. Leerink Swann set a $9.00 price objective on shares of Ardelyx and gave the company a “buy” rating in a research note on Tuesday, September 24th. Finally, ValuEngine cut shares of Ardelyx from a “sell” rating to a “strong sell” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $9.25.

The company has a debt-to-equity ratio of 1.07, a current ratio of 6.27 and a quick ratio of 6.27. The company’s 50 day moving average is $7.39 and its 200 day moving average is $4.90. The stock has a market cap of $454.02 million, a price-to-earnings ratio of -4.45 and a beta of 1.72.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($0.37) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.37). The company had revenue of $3.01 million during the quarter. Sell-side analysts predict that Ardelyx Inc will post -1.54 earnings per share for the current year.

In related news, EVP Elizabeth A. Grammer sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $6.80, for a total value of $34,000.00. 15.31% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Virtu Financial LLC raised its position in Ardelyx by 162.0% during the third quarter. Virtu Financial LLC now owns 34,743 shares of the biopharmaceutical company’s stock worth $163,000 after acquiring an additional 21,480 shares during the last quarter. State Street Corp raised its position in Ardelyx by 5.8% during the third quarter. State Street Corp now owns 920,901 shares of the biopharmaceutical company’s stock worth $4,328,000 after acquiring an additional 50,495 shares during the last quarter. Rhumbline Advisers raised its position in Ardelyx by 9.0% during the third quarter. Rhumbline Advisers now owns 73,239 shares of the biopharmaceutical company’s stock worth $344,000 after acquiring an additional 6,022 shares during the last quarter. Metropolitan Life Insurance Co NY acquired a new position in Ardelyx during the third quarter worth about $86,000. Finally, California State Teachers Retirement System raised its position in Ardelyx by 6.1% during the third quarter. California State Teachers Retirement System now owns 73,491 shares of the biopharmaceutical company’s stock worth $345,000 after acquiring an additional 4,198 shares during the last quarter. Institutional investors own 73.77% of the company’s stock.

About Ardelyx (NASDAQ:ARDX)

Ardelyx, Inc, a specialized biopharmaceutical company, develops and sells medicines for the treatment of cardio renal diseases in the United States and internationally. The company's lead product candidate is tenapanor, which has completed Phase III clinical trial for the treatment of patients with irritable bowel syndrome with constipation, as well as in Phase III clinical trial for the treatment of hyperphosphatemia in end-stage renal disease patients on dialysis.

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