Ardelyx, Inc. (ARDX) Shares Up NaN After Analyst Upgrade

Shares of Ardelyx, Inc. (NASDAQ:ARDX) shot up NaN during mid-day trading on Friday after Citigroup raised their price target on the stock from $14.00 to $19.00. Citigroup currently has a buy rating on the stock. Ardelyx traded as high as $8.65 and last traded at $0.00. 26,105,100 shares were traded during trading, an increase of Infinity from the average session volume of 0 shares.

ARDX has been the topic of several other research reports. Zacks Investment Research cut Ardelyx from a “buy” rating to a “hold” rating in a research report on Tuesday, July 18th. Cantor Fitzgerald increased their price objective on Ardelyx from $12.00 to $14.00 and gave the company an “overweight” rating in a report on Thursday. ValuEngine upgraded Ardelyx from a “strong sell” rating to a “sell” rating in a report on Thursday, July 6th. Finally, BidaskClub upgraded Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, August 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. Ardelyx presently has an average rating of “Buy” and an average target price of $17.40.

Several institutional investors and hedge funds have recently modified their holdings of ARDX. KCG Holdings Inc. purchased a new position in Ardelyx in the 1st quarter worth $127,000. Bank of America Corp DE raised its stake in Ardelyx by 52.6% in the 1st quarter. Bank of America Corp DE now owns 10,612 shares of the biopharmaceutical company’s stock worth $134,000 after acquiring an additional 3,659 shares during the last quarter. Alliancebernstein L.P. raised its stake in Ardelyx by 7.9% in the 1st quarter. Alliancebernstein L.P. now owns 13,700 shares of the biopharmaceutical company’s stock worth $173,000 after acquiring an additional 1,000 shares during the last quarter. American International Group Inc. raised its stake in Ardelyx by 43.8% in the 1st quarter. American International Group Inc. now owns 18,926 shares of the biopharmaceutical company’s stock worth $239,000 after acquiring an additional 5,765 shares during the last quarter. Finally, Tudor Investment Corp ET AL purchased a new position in Ardelyx in the 2nd quarter worth $111,000. Hedge funds and other institutional investors own 78.58% of the company’s stock.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings data on Wednesday, August 9th. The biopharmaceutical company reported ($0.54) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.63) by $0.09.

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About Ardelyx

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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