New Buy Rating Was Given to Ardelyx Inc (NASDAQ:ARDX)

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Why Has BTIG Research Given Ardelyx Inc (NASDAQ:ARDX) a $33.00 Price Target

BTIG Research have started its coverage for Ardelyx Inc (NASDAQ:ARDX), this morning Friday morning. The broker found the stock of ARDX quite attractive and now has a PT of $33.00 with a key Buy rating.

From a total of 4 analysts covering Ardelyx Inc (NASDAQ:ARDX) stock, 0 rate it a ”Buy”, 0 a “Sell”, and 0 a ”Hold”. This means that NaN of the ratings are positive. The highest target price is $33 while the lowest target price is $24. The mean of all analyst targets is $28.25 with a 45.33% above today’s ($19.61) stock price. Ardelyx Inc was the topic of 3 analyst reports since August 18, 2015 according to the firm StockzIntelligence Inc. BTIG Research initiated shares on September 22 with “Buy” rating.

The stock increased 0.56% or $0.11 during the last trading session, striking $19.61. Approximately 970,823 shares of stock traded hands or 854.77% up from the average. Ardelyx Inc (NASDAQ:ARDX) has risen 117.88% since May 15, 2015 and is uptrending. It has outperformed by 121.69% the S&P500.

Ardelyx, Inc. is a clinical-stage biopharmaceutical firm focused on the discovery, development and commercialization of minimally-systemic, small molecule therapeutics that work exclusively in the gastrointestinal tract to treat cardio-renal, GI and metabolic diseases. The company has a market cap of $502.83 million. The Firm utilizing its platform, discovered and designed its lead product candidate, tenapanor, which in clinical studies has demonstrated the ability to improve the symptoms of constipation-predominant irritable bowel syndrome (IBS-C) and to reduce the absorption of both dietary sodium and phosphorus. It currently has negative earnings. The Firm in collaboration with AstraZeneca, has completed a Phase IIb clinical trial evaluating tenapanor in patients with IBS-C.

According to Zacks Investment Research, “Ardelyx, Inc. is a clinical-stage biopharmaceutical company. It discovers, develops and commercializes small molecule therapeutics that work in the gastrointestinal tract to treat cardio-renal, GI and metabolic diseases. The Company’s lead product candidate is Tenapanor which is in three ongoing Phase II clinical trials for the treatment of patients with ESRD-HD and chronic kidney disease, as well as for constipation-predominant irritable bowel syndrome. Ardelyx, Inc. is headquartered in Fremont, California.”

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