Ardelyx (NASDAQ:ARDX) Price Target Raised to $8.00 at Piper Sandler

Ardelyx (NASDAQ:ARDX) had its target price lifted by Piper Sandler from $7.00 to $8.00 in a report released on Monday,Benzinga reports. Piper Sandler currently has a neutral rating on the biopharmaceutical company’s stock.

Several other research firms have also weighed in on ARDX. Jefferies Financial Group decreased their target price 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 lowered their price objective on Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Finally, HC Wainwright restated a “neutral” rating and issued a $5.50 target price on shares of Ardelyx in a research report on Thursday, January 16th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $9.42.

Ardelyx Stock Down 0.2 %

Shares of ARDX opened at $5.48 on Monday. Ardelyx has a 52-week low of $4.32 and a 52-week high of $10.13. The company has a quick ratio of 3.87, a current ratio of 4.03 and a debt-to-equity ratio of 0.64. The stock has a fifty day simple moving average of $5.22 and a two-hundred day simple moving average of $5.64. The company has a market capitalization of $1.30 billion, a PE ratio of -18.27 and a beta of 0.85.

Insider Buying and Selling

In other Ardelyx news, CFO Justin A. Renz sold 5,260 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $4.79, for a total transaction of $25,195.40. Following the sale, the chief financial officer now owns 291,139 shares in the company, valued at $1,394,555.81. This represents a 1.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider David P. Rosenbaum sold 27,171 shares of Ardelyx stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $6.10, for a total value of $165,743.10. Following the completion of the transaction, the insider now owns 153,616 shares of the company’s stock, valued at $937,057.60. The trade was a 15.03 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 193,358 shares of company stock valued at $1,041,766. Corporate insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ARDX. Newbridge Financial Services Group Inc. purchased a new stake in shares of Ardelyx in the 4th quarter valued at approximately $35,000. Bleakley Financial Group LLC acquired a new stake in Ardelyx in the fourth quarter valued at $98,000. Clay Northam Wealth Management LLC lifted its holdings in Ardelyx by 9.3% during the 4th quarter. Clay Northam Wealth Management LLC now owns 307,680 shares of the biopharmaceutical company’s stock worth $1,560,000 after buying an additional 26,208 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its position in shares of Ardelyx by 10.9% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 50,222 shares of the biopharmaceutical company’s stock worth $255,000 after acquiring an additional 4,942 shares in the last quarter. Finally, Heck Capital Advisors LLC acquired a new stake in shares of Ardelyx during the 4th quarter worth about $121,000. Hedge funds and other institutional investors own 58.92% of the company’s stock.

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.