Ardelyx (NASDAQ:ARDX) Trading 6.3% Higher

Ardelyx Inc (NASDAQ:ARDX) shares traded up 6.3% during mid-day trading on Friday . The company traded as high as $2.70 and last traded at $2.69. 656,066 shares were traded during mid-day trading, an increase of 245% from the average session volume of 189,930 shares. The stock had previously closed at $2.53.

A number of analysts have issued reports on the company. ValuEngine lowered Ardelyx from a “hold” rating to a “sell” rating in a report on Monday, May 13th. Zacks Investment Research lowered Ardelyx from a “buy” rating to a “hold” rating in a report on Wednesday, March 20th. Finally, Piper Jaffray Companies assumed coverage on Ardelyx in a report on Monday, April 8th. They issued an “overweight” rating and a $15.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. Ardelyx currently has a consensus rating of “Hold” and a consensus price target of $8.81.

The firm has a 50-day moving average of $2.75. The company has a current ratio of 7.41, a quick ratio of 7.41 and a debt-to-equity ratio of 0.58. The stock has a market cap of $168.39 million, a P/E ratio of -1.66 and a beta of 2.01.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings data on Tuesday, May 7th. The biopharmaceutical company reported ($0.42) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.39) by ($0.03). On average, research analysts expect that Ardelyx Inc will post -1.52 EPS for the current year.

In other Ardelyx news, CEO Michael Raab sold 10,054 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $2.54, for a total value of $25,537.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 18,787 shares of company stock valued at $47,753 in the last quarter. Corporate insiders own 15.31% of the company’s stock.

Several hedge funds have recently made changes to their positions in ARDX. Acadian Asset Management LLC grew its position in Ardelyx by 81.9% during the first quarter. Acadian Asset Management LLC now owns 100,564 shares of the biopharmaceutical company’s stock worth $282,000 after buying an additional 45,280 shares in the last quarter. BNP Paribas Arbitrage SA grew its position in Ardelyx by 297.1% during the first quarter. BNP Paribas Arbitrage SA now owns 9,289 shares of the biopharmaceutical company’s stock worth $26,000 after buying an additional 6,950 shares in the last quarter. Bailard Inc. acquired a new stake in Ardelyx during the first quarter worth approximately $65,000. Wedbush Securities Inc. grew its position in Ardelyx by 34.6% during the first quarter. Wedbush Securities Inc. now owns 192,756 shares of the biopharmaceutical company’s stock worth $540,000 after buying an additional 49,596 shares in the last quarter. Finally, Deutsche Bank AG grew its position in Ardelyx by 578.4% during the fourth quarter. Deutsche Bank AG now owns 621,879 shares of the biopharmaceutical company’s stock worth $1,112,000 after buying an additional 530,206 shares in the last quarter. Institutional investors own 73.54% 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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