Ardelyx (NASDAQ:ARDX – Get Free Report) had its price target boosted by stock analysts at Piper Sandler from $7.00 to $8.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “neutral” rating on the biopharmaceutical company’s stock. Piper Sandler’s target price would suggest a potential upside of 45.72% from the company’s previous close.
Several other equities research analysts also recently commented on the company. HC Wainwright reissued a “neutral” rating and issued a $5.50 target price on shares of Ardelyx in a report on Thursday, January 16th. Jefferies Financial Group reduced their target price on shares of Ardelyx from $11.00 to $8.00 and set a “buy” rating for the company in a report on Thursday, January 2nd. Finally, Citigroup decreased their target price on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $9.42.
Get Our Latest Research Report on ARDX
Ardelyx Stock Up 0.4 %
Insider Activity at Ardelyx
In other news, insider David P. Rosenbaum sold 27,171 shares of the firm’s 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 sale, the insider now owns 153,616 shares in the company, valued at approximately $937,057.60. This trade represents a 15.03 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David M. Mott purchased 213,300 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The shares were purchased at an average cost of $4.67 per share, with a total value of $996,111.00. Following the completion of the purchase, the director now owns 1,638,765 shares in the company, valued at $7,653,032.55. This trade represents a 14.96 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 193,358 shares of company stock valued at $1,041,766. 5.90% of the stock is owned by corporate insiders.
Institutional Trading of Ardelyx
Several institutional investors and hedge funds have recently made changes to their positions in ARDX. Newbridge Financial Services Group Inc. purchased a new stake in Ardelyx in the 4th quarter valued at about $35,000. Bleakley Financial Group LLC bought a new stake in shares of Ardelyx during the fourth quarter valued at approximately $98,000. Clay Northam Wealth Management LLC boosted its holdings in shares of Ardelyx by 9.3% in the fourth quarter. Clay Northam Wealth Management LLC now owns 307,680 shares of the biopharmaceutical company’s stock valued at $1,560,000 after purchasing an additional 26,208 shares during the period. China Universal Asset Management Co. Ltd. grew its stake in Ardelyx by 10.9% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 50,222 shares of the biopharmaceutical company’s stock worth $255,000 after purchasing an additional 4,942 shares in the last quarter. Finally, Heck Capital Advisors LLC bought a new position in Ardelyx in the fourth quarter worth approximately $121,000. 58.92% of the stock is currently owned by 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.
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