Insider Selling: Ardelyx, Inc. (NASDAQ:ARDX) Insider Sells $33,253.12 in Stock

Ardelyx, Inc. (NASDAQ:ARDX) insider David P. Rosenbaum sold 5,312 shares of Ardelyx stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $6.26, for a total value of $33,253.12. Following the sale, the insider now owns 153,616 shares in the company, valued at $961,636.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Ardelyx Trading Down 4.1 %

Shares of ARDX opened at $5.90 on Thursday. Ardelyx, Inc. has a 1 year low of $3.16 and a 1 year high of $10.13. The company has a 50 day simple moving average of $5.88 and a two-hundred day simple moving average of $6.70. The company has a debt-to-equity ratio of 0.68, a current ratio of 4.21 and a quick ratio of 3.99. The firm has a market cap of $1.37 billion, a P/E ratio of -21.07 and a beta of 0.90.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.04. Ardelyx had a negative return on equity of 39.73% and a negative net margin of 31.02%. The business had revenue of $73.20 million during the quarter, compared to analysts’ expectations of $55.03 million. During the same quarter last year, the business posted ($0.08) EPS. The firm’s revenue for the quarter was up 228.3% compared to the same quarter last year. On average, equities analysts expect that Ardelyx, Inc. will post -0.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ARDX. B. Riley Wealth Advisors Inc. bought a new stake in shares of Ardelyx in the 2nd quarter valued at approximately $645,000. Coastal Bridge Advisors LLC purchased a new stake in Ardelyx during the 2nd quarter valued at $74,000. Creative Planning lifted its position in Ardelyx by 90.0% in the second quarter. Creative Planning now owns 40,417 shares of the biopharmaceutical company’s stock worth $299,000 after buying an additional 19,140 shares during the last quarter. Algert Global LLC bought a new stake in Ardelyx in the second quarter worth $174,000. Finally, Millennium Management LLC boosted its stake in Ardelyx by 142.8% during the second quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock worth $23,735,000 after buying an additional 1,883,995 shares during the period. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. HC Wainwright boosted their target price on shares of Ardelyx from $10.00 to $11.00 and gave the company a “buy” rating in a report on Monday, August 5th. Wedbush reissued an “outperform” rating and set a $11.00 price target on shares of Ardelyx in a research report on Friday, August 2nd. Citigroup upped their price objective on shares of Ardelyx from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. StockNews.com upgraded shares of Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Finally, Piper Sandler lowered Ardelyx from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $15.00 to $7.00 in a research report on Tuesday, July 2nd. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Ardelyx has a consensus rating of “Moderate Buy” and an average price target of $11.67.

Ardelyx Company Profile

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.