Jefferies Financial Group Issues Pessimistic Forecast for Ardelyx (NASDAQ:ARDX) Stock Price

Ardelyx (NASDAQ:ARDXGet Free Report) had its price target lowered by stock analysts at Jefferies Financial Group from $11.00 to $8.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Jefferies Financial Group’s price target would indicate a potential upside of 51.80% from the company’s previous close.

A number of other brokerages have also commented on ARDX. HC Wainwright lowered shares of Ardelyx from a “buy” rating to a “neutral” rating and decreased their price target for the company from $11.00 to $5.50 in a research note on Monday, November 11th. Citigroup dropped their price target on Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a report on Monday, November 4th. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Ardelyx presently has an average rating of “Moderate Buy” and an average target price of $10.07.

Check Out Our Latest Report on ARDX

Ardelyx Stock Up 3.9 %

NASDAQ:ARDX traded up $0.20 on Thursday, hitting $5.27. 1,812,282 shares of the company’s stock were exchanged, compared to its average volume of 4,881,870. The company has a market cap of $1.25 billion, a P/E ratio of -17.57 and a beta of 0.83. The firm has a 50-day moving average price of $5.30 and a 200-day moving average price of $5.74. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.03 and a quick ratio of 3.87. Ardelyx has a 52 week low of $4.32 and a 52 week high of $10.13.

Insider Buying and Selling at Ardelyx

In other news, insider David P. Rosenbaum sold 27,172 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $5.95, for a total value of $161,673.40. Following the sale, the insider now directly owns 153,616 shares of the company’s stock, valued at $914,015.20. This represents a 15.03 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Raab sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $5.91, for a total transaction of $147,750.00. Following the transaction, the chief executive officer now directly owns 1,210,108 shares of the company’s stock, valued at $7,151,738.28. This represents a 2.02 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 184,192 shares of company stock worth $1,013,345. 5.90% of the stock is currently owned by company insiders.

Institutional Trading of Ardelyx

A number of institutional investors have recently made changes to their positions in ARDX. B. Riley Wealth Advisors Inc. grew its holdings in shares of Ardelyx by 3.4% in the third quarter. B. Riley Wealth Advisors Inc. now owns 90,000 shares of the biopharmaceutical company’s stock worth $599,000 after acquiring an additional 3,000 shares during the period. Aigen Investment Management LP increased its stake in shares of Ardelyx by 29.4% in the 3rd quarter. Aigen Investment Management LP now owns 23,510 shares of the biopharmaceutical company’s stock worth $162,000 after purchasing an additional 5,346 shares in the last quarter. Values First Advisors Inc. lifted its position in shares of Ardelyx by 14.6% during the 3rd quarter. Values First Advisors Inc. now owns 46,282 shares of the biopharmaceutical company’s stock valued at $319,000 after buying an additional 5,890 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Ardelyx by 1.6% during the third quarter. JPMorgan Chase & Co. now owns 387,144 shares of the biopharmaceutical company’s stock valued at $2,667,000 after purchasing an additional 6,093 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Ardelyx by 34.3% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 28,365 shares of the biopharmaceutical company’s stock valued at $195,000 after purchasing an additional 7,245 shares during the period. Hedge funds and other institutional investors own 58.92% of the company’s stock.

About Ardelyx

(Get Free Report)

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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Analyst Recommendations for Ardelyx (NASDAQ:ARDX)

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