Ardelyx, Inc. (NASDAQ:ARDX – Get Free Report)’s share price gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $4.58, but opened at $4.83. Ardelyx shares last traded at $4.74, with a volume of 1,033,115 shares.
Specifically, Director David M. Mott bought 213,300 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The stock was bought at an average price of $4.67 per share, for a total transaction of $996,111.00. Following the transaction, the director now directly owns 1,638,765 shares of the company’s stock, valued at $7,653,032.55. This represents a 14.96 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
Wall Street Analysts Forecast Growth
Several research firms have commented on ARDX. HC Wainwright downgraded shares of Ardelyx from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $11.00 to $5.50 in a research note on Monday, November 11th. Citigroup decreased their target price on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Three equities research 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 MarketBeat, Ardelyx currently has an average rating of “Moderate Buy” and a consensus price target of $10.42.
Ardelyx Price Performance
The stock has a market cap of $1.13 billion, a PE ratio of -15.87 and a beta of 0.83. The business’s 50-day simple moving average is $5.45 and its 200-day simple moving average is $5.83. The company has a quick ratio of 3.87, a current ratio of 4.03 and a debt-to-equity ratio of 0.64.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of ARDX. Nisa Investment Advisors LLC grew its position in shares of Ardelyx by 1,026.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock worth $26,000 after buying an additional 3,233 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Ardelyx by 34.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 63,176 shares of the biopharmaceutical company’s stock worth $468,000 after purchasing an additional 16,198 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Ardelyx by 283.9% during the 2nd quarter. Principal Financial Group Inc. now owns 471,453 shares of the biopharmaceutical company’s stock valued at $3,493,000 after purchasing an additional 348,642 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in Ardelyx in the second quarter worth about $832,000. Finally, Ausdal Financial Partners Inc. lifted its holdings in Ardelyx by 89.1% in the second quarter. Ausdal Financial Partners Inc. now owns 28,770 shares of the biopharmaceutical company’s stock worth $213,000 after buying an additional 13,557 shares during the period. Hedge funds and other 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.
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