Ardelyx (NASDAQ:ARDX) Price Target Lowered to $8.00 at Jefferies Financial Group

Ardelyx (NASDAQ:ARDX) had its target price decreased by Jefferies Financial Group from $11.00 to $8.00 in a research note issued to investors on Thursday,Benzinga reports. Jefferies Financial Group currently has a buy rating on the biopharmaceutical company’s stock.

ARDX has been the subject of a number of other reports. Citigroup decreased their price target on Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, November 4th. HC Wainwright cut Ardelyx from a “buy” rating to a “neutral” rating and decreased their target price for the company from $11.00 to $5.50 in a research note on Monday, November 11th. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $10.07.

Ardelyx Trading Up 1.0 %

Ardelyx stock opened at $5.12 on Thursday. Ardelyx has a 12-month low of $4.32 and a 12-month high of $10.13. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.03 and a quick ratio of 3.87. The stock has a market capitalization of $1.21 billion, a PE ratio of -17.07 and a beta of 0.83. The firm has a 50 day simple moving average of $5.28 and a 200-day simple moving average of $5.73.

Insider Activity

In other Ardelyx news, CEO Michael Raab sold 7,500 shares of Ardelyx stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $6.01, for a total transaction of $45,075.00. Following the transaction, the chief executive officer now directly owns 1,210,108 shares in the company, valued at approximately $7,272,749.08. The trade was a 0.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider David P. Rosenbaum sold 27,172 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $5.95, for a total value of $161,673.40. Following the completion of the sale, the insider now directly owns 153,616 shares of the company’s stock, valued at approximately $914,015.20. This trade represents a 15.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 184,192 shares of company stock valued at $1,013,345 over the last three months. Insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Ardelyx

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

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.