Ardelyx (NASDAQ:ARDX) Trading Up 5.8% – Still a Buy?

Shares of Ardelyx, Inc. (NASDAQ:ARDX) rose 5.8% during mid-day trading on Thursday . The stock traded as high as $4.80 and last traded at $4.76. Approximately 4,511,224 shares traded hands during trading, a decline of 9% from the average daily volume of 4,951,766 shares. The stock had previously closed at $4.50.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on ARDX shares. HC Wainwright cut shares of Ardelyx from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $11.00 to $5.50 in a report on Monday. StockNews.com upgraded shares of Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Wedbush reiterated an “outperform” rating and set a $11.00 price objective on shares of Ardelyx in a report on Friday, August 2nd. Finally, Citigroup reduced their price objective on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a report on Monday, November 4th. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Ardelyx currently has a consensus rating of “Moderate Buy” and an average target price of $10.42.

Ardelyx Price Performance

The company has a quick ratio of 3.87, a current ratio of 4.03 and a debt-to-equity ratio of 0.64. The business’s 50-day moving average is $5.97 and its two-hundred day moving average is $6.27. The company has a market capitalization of $1.12 billion, a P/E ratio of -15.00 and a beta of 0.92.

Insider Activity at Ardelyx

In related news, insider David P. Rosenbaum sold 27,171 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $6.10, for a total transaction of $165,743.10. Following the transaction, the insider now directly owns 153,616 shares of the company’s stock, valued at $937,057.60. This trade represents a 15.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider David P. Rosenbaum sold 49,564 shares of the firm’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 transaction, the insider now directly owns 301,946 shares of the company’s stock, valued at $2,089,466.32. This trade represents a 14.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider David P. Rosenbaum sold 27,171 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $6.10, for a total transaction of $165,743.10. Following the transaction, the insider now directly owns 153,616 shares in the company, valued at $937,057.60. The trade was a 15.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 267,983 shares of company stock valued at $1,632,802 over the last ninety days. Corporate insiders own 5.90% of the company’s stock.

Institutional Trading of Ardelyx

Several hedge funds have recently added to or reduced their stakes in the stock. Eventide Asset Management LLC raised its position in Ardelyx by 11.2% in the third quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company’s stock worth $51,076,000 after acquiring an additional 746,067 shares during the period. Vestal Point Capital LP bought a new stake in Ardelyx in the third quarter worth about $3,445,000. Rubric Capital Management LP raised its position in Ardelyx by 68.5% in the third quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company’s stock worth $21,085,000 after acquiring an additional 1,243,606 shares during the period. BNP Paribas Financial Markets raised its position in Ardelyx by 274.3% in the third quarter. BNP Paribas Financial Markets now owns 181,387 shares of the biopharmaceutical company’s stock worth $1,250,000 after acquiring an additional 132,928 shares during the period. Finally, Propel Bio Management LLC raised its position in Ardelyx by 15.8% in the third quarter. Propel Bio Management LLC now owns 1,070,947 shares of the biopharmaceutical company’s stock worth $7,379,000 after acquiring an additional 146,364 shares during the period. Institutional investors own 58.92% of the company’s stock.

About Ardelyx

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.