Ardelyx Received its Third Buy in a Row

By Austin Angelo

After Leerink Swann and Cantor Fitzgerald assigned a Buy rating to Ardelyx in the last month, the company received another Buy, this time from JMP Securities. Analyst Michael King reiterated a Buy rating on Ardelyx (NASDAQ: ARDX) today. The company’s shares closed yesterday at $12.95.

According to TipRanks.com, King is ranked 0 out of 5 stars with an average return of -8.3% and a 39.0% success rate. King covers the Healthcare sector, focusing on stocks such as Advanced Accelerator Applications, Syndax Pharmaceuticals Inc, and Karyopharm Therapeutics.

Ardelyx has an analyst consensus of Strong Buy.

The company has a one year high of $20.98 and a one year low of $6.36. Currently, Ardelyx has an average volume of 169.6K.

Based on the recent corporate insider activity of 49 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ARDX in relation to earlier this year. Most recently, in March 2016, Gordon Ringold, a Director at ARDX bought 15,000 shares for a total of $116,400.

Ardelyx, Inc. operates as a clinical-stage biopharmaceutical company that engages in the discovery, development, and commercialization of minimally-systemic, small molecule therapeutics that work exclusively in the gastrointestinal, tract to treat gastrointestinal and cardio-renal diseases. The company’s products include Tenapanor, RDX002, RDX009 and RDX013. Ardelyx was founded by Dominique Charmot, Peter G. Schultz and Jean M. Frechet on October 17, 2007 and is headquartered in Fremont, CA.