Citigroup Inc. Reaffirms Buy Rating for Ardelyx, Inc. (ARDX)

Ardelyx, Inc. (NASDAQ:ARDX)‘s stock had its “buy” rating restated by Citigroup Inc. in a report issued on Monday, May 15th. They presently have a $12.00 target price on the biopharmaceutical company’s stock, down from their previous target price of $17.00. Citigroup Inc.’s target price suggests a potential upside of 175.86% from the stock’s previous close.

A number of other research firms have also weighed in on ARDX. Zacks Investment Research lowered shares of Ardelyx from a “hold” rating to a “sell” rating in a report on Tuesday, April 25th. Wedbush restated an “outperform” rating and issued a $24.00 target price on shares of Ardelyx in a report on Wednesday, February 15th. One equities research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. Ardelyx has an average rating of “Buy” and a consensus target price of $14.13.

Analyst Recommendations for Ardelyx (NASDAQ:ARDX)

Ardelyx (NASDAQ ARDX) traded down 4.40% on Monday, reaching $4.35. The company had a trading volume of 667,078 shares. Ardelyx has a 12 month low of $4.05 and a 12 month high of $16.30. The stock’s market capitalization is $206.13 million. The firm has a 50 day moving average price of $7.47 and a 200-day moving average price of $11.88.

Ardelyx (NASDAQ:ARDX) last posted its earnings results on Friday, May 5th. The biopharmaceutical company reported ($0.59) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.65) by $0.06. Analysts forecast that Ardelyx will post ($2.46) earnings per share for the current fiscal year.

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A number of large investors have recently bought and sold shares of ARDX. State Street Corp raised its stake in Ardelyx by 14.9% in the fourth quarter. State Street Corp now owns 462,228 shares of the biopharmaceutical company’s stock valued at $6,565,000 after buying an additional 59,813 shares during the period. Russell Investments Group Ltd. purchased a new stake in Ardelyx during the fourth quarter valued at approximately $258,000. AWM Investment Company Inc. purchased a new stake in Ardelyx during the third quarter valued at approximately $1,294,000. Sphera Funds Management LTD. raised its stake in Ardelyx by 127.3% in the first quarter. Sphera Funds Management LTD. now owns 345,000 shares of the biopharmaceutical company’s stock valued at $4,364,000 after buying an additional 193,187 shares during the period. Finally, Emory University raised its stake in Ardelyx by 36.0% in the first quarter. Emory University now owns 189,477 shares of the biopharmaceutical company’s stock valued at $2,397,000 after buying an additional 50,120 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Ardelyx Company Profile

Ardelyx, Inc is a clinical-stage biopharmaceutical company. The Company’s therapeutics focuses on addressing cardiorenal and gastrointestinal (GI) diseases. It operates through the research, development and commercialization of biopharmaceutical products segment. The Company’s products line includes cardiorenal portfolio and gastrointestinal portfolio.

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