Ardelyx, Inc. ARDX was a big mover last session, as its shares rose over 14% on the day. The move came on the back of the company’s agreement to sell shares of its common stock for aggregate gross proceeds of approximately $110 million in a private placement. This led to far more shares changing hands than in a normal session. This breaks the recent trend of the company, as the stock is now trading above the volatile price range of $7.78 to $9.39 in the past one-month time frame.
Over the last 30 days, the company witnessed one positive estimate revision and the Zacks Consensus Estimate also moved higher, suggesting more solid trading ahead. So make sure to keep an eye on this stock going forward to see if yesterday’s jump can turn into more strength down the road.
Ardelyx currently carries a Zacks Rank #2 (Buy) while its Earnings ESP is 0.00%.
A better-ranked stock in the med-drugs space is Eisai Co., Ltd. ESALY, which sports a Zacks Rank #1 (Strong Buy).
Is ARDX going up? Or down? Predict to see what others think: Up or Down
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