Ardelyx (NASDAQ:ARDX) Given New $10.00 Price Target at Citigroup

Ardelyx (NASDAQ:ARDX) had its price target reduced by investment analysts at Citigroup from $12.00 to $10.00 in a report released on Monday, Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup’s price objective points to a potential upside of 74.83% from the company’s previous close.

A number of other research analysts also recently weighed in on ARDX. HC Wainwright reaffirmed a “buy” rating and set a $11.00 price target on shares of Ardelyx in a research note on Friday, November 1st. StockNews.com raised Ardelyx from a “sell” rating to a “hold” rating in a research report on Wednesday, July 31st. Finally, Wedbush reissued an “outperform” rating and issued a $11.00 price target on shares of Ardelyx in a research report on Friday, August 2nd. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $11.33.

Ardelyx Price Performance

Shares of NASDAQ ARDX opened at $5.72 on Monday. The firm has a market capitalization of $1.35 billion, a P/E ratio of -19.07 and a beta of 0.92. The firm’s 50-day moving average price is $6.05 and its 200-day moving average price is $6.31. The company has a current ratio of 4.03, a quick ratio of 3.87 and a debt-to-equity ratio of 0.64. Ardelyx has a 1-year low of $3.43 and a 1-year high of $10.13.

Insider Activity at Ardelyx

In other news, CEO Michael Raab sold 32,225 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $5.86, for a total value of $188,838.50. Following the completion of the sale, the chief executive officer now owns 1,227,009 shares in the company, valued at $7,190,272.74. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Ardelyx news, CEO Michael Raab sold 32,225 shares of Ardelyx stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $5.86, for a total transaction of $188,838.50. Following the transaction, the chief executive officer now owns 1,227,009 shares of the company’s stock, valued at $7,190,272.74. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David P. Rosenbaum sold 49,564 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $6.92, for a total value of $342,982.88. Following the completion of the transaction, the insider now owns 301,946 shares in the company, valued at $2,089,466.32. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 212,126 shares of company stock valued at $1,298,963. 5.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Ardelyx

Large investors have recently made changes to their positions in the business. Redmile Group LLC bought a new position in Ardelyx during the first quarter valued at about $16,020,000. Millennium Management LLC grew its position in shares of Ardelyx by 142.8% during the 2nd quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock valued at $23,735,000 after acquiring an additional 1,883,995 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Ardelyx by 68.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,913,863 shares of the biopharmaceutical company’s stock worth $28,572,000 after purchasing an additional 1,584,597 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Ardelyx by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 13,391,855 shares of the biopharmaceutical company’s stock worth $97,761,000 after purchasing an additional 365,809 shares during the last quarter. Finally, Squarepoint Ops LLC raised its holdings in shares of Ardelyx by 375.9% in the 2nd quarter. Squarepoint Ops LLC now owns 460,689 shares of the biopharmaceutical company’s stock worth $3,414,000 after purchasing an additional 363,894 shares during the period. 58.92% of the stock is owned by hedge funds and other institutional investors.

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.