David P. Rosenbaum Sells 49,564 Shares of Ardelyx, Inc. (NASDAQ:ARDX) Stock

Ardelyx, Inc. (NASDAQ:ARDX) insider David P. Rosenbaum sold 49,564 shares of the business’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $6.92, for a total transaction of $342,982.88. Following the completion of the transaction, the insider now owns 301,946 shares in the company, valued at $2,089,466.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Ardelyx Stock Performance

NASDAQ ARDX opened at $6.93 on Thursday. The company’s 50 day moving average is $6.00 and its 200-day moving average is $6.54. The company has a quick ratio of 3.99, a current ratio of 4.21 and a debt-to-equity ratio of 0.68. The firm has a market cap of $1.61 billion, a P/E ratio of -24.75 and a beta of 0.90. Ardelyx, Inc. has a 12-month low of $3.16 and a 12-month high of $10.13.

Ardelyx (NASDAQ:ARDX) last posted its earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. The business had revenue of $73.20 million for the quarter, compared to analyst estimates of $55.03 million. Ardelyx had a negative net margin of 31.02% and a negative return on equity of 39.73%. Ardelyx’s revenue was up 228.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.08) EPS. Sell-side analysts predict that Ardelyx, Inc. will post -0.26 earnings per share for the current year.

Institutional Trading of Ardelyx

A number of hedge funds and other institutional investors have recently bought and sold shares of ARDX. Nisa Investment Advisors LLC increased its holdings in Ardelyx by 1,026.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock worth $26,000 after acquiring an additional 3,233 shares during the period. HighMark Wealth Management LLC bought a new stake in Ardelyx during the 1st quarter worth approximately $36,000. Redwood Wealth Management Group LLC purchased a new position in Ardelyx in the 2nd quarter worth approximately $62,000. Coastal Bridge Advisors LLC purchased a new position in Ardelyx in the 2nd quarter worth approximately $74,000. Finally, Paloma Partners Management Co purchased a new position in Ardelyx in the 1st quarter worth approximately $86,000. Institutional investors own 58.92% of the company’s stock.

Wall Street Analyst Weigh In

ARDX has been the topic of a number of research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating on shares of Ardelyx in a research note on Thursday, June 20th. Wedbush reiterated an “outperform” rating and issued a $11.00 target price on shares of Ardelyx in a research note on Friday, August 2nd. Citigroup boosted their target price on shares of Ardelyx from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. 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 research note on Monday, August 5th. Finally, Piper Sandler lowered shares of Ardelyx from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $15.00 to $7.00 in a research report on Tuesday, July 2nd. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Ardelyx has an average rating of “Moderate Buy” and a consensus 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.