Ardelyx, Inc. (NASDAQ:ARDX) CEO Sells $52,950.00 in Stock

Ardelyx, Inc. (NASDAQ:ARDX) CEO Michael Raab sold 7,500 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $7.06, for a total transaction of $52,950.00. Following the transaction, the chief executive officer now owns 1,310,933 shares of the company’s stock, valued at approximately $9,255,186.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Michael Raab also recently made the following trade(s):

• On Monday, April 1st, Michael Raab sold 1,518 shares of Ardelyx stock. The shares were sold at an average price of $7.31, for a total transaction of $11,096.58.
• On Tuesday, February 20th, Michael Raab sold 22,917 shares of Ardelyx stock. The shares were sold at an average price of $8.75, for a total transaction of $200,523.75.

Ardelyx Stock Performance

NASDAQ ARDX opened at $6.48 on Friday. The firm has a 50-day moving average of $8.13 and a 200-day moving average of $6.59. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.64 and a current ratio of 4.88. The stock has a market cap of $1.51 billion, a PE ratio of -21.60 and a beta of 0.85. Ardelyx, Inc. has a 52-week low of $3.16 and a 52-week high of $10.13.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings results on Thursday, February 22nd. The biopharmaceutical company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). Ardelyx had a negative return on equity of 43.57% and a negative net margin of 53.08%. The business had revenue of $34.36 million for the quarter, compared to the consensus estimate of $34.26 million. During the same period in the prior year, the business posted $0.06 earnings per share. Ardelyx’s revenue was down 22.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Ardelyx, Inc. will post -0.44 EPS for the current year.

Hedge Funds Weigh In On Ardelyx

A number of hedge funds have recently bought and sold shares of ARDX. Bank of New York Mellon Corp increased its position in Ardelyx by 81.1% during the first quarter. Bank of New York Mellon Corp now owns 549,816 shares of the biopharmaceutical company’s stock worth $588,000 after acquiring an additional 246,147 shares during the period. BlackRock Inc. increased its position in Ardelyx by 1.3% during the first quarter. BlackRock Inc. now owns 5,700,576 shares of the biopharmaceutical company’s stock worth $6,100,000 after acquiring an additional 71,592 shares during the period. State Street Corp increased its position in Ardelyx by 7.0% during the first quarter. State Street Corp now owns 2,127,557 shares of the biopharmaceutical company’s stock worth $2,276,000 after acquiring an additional 139,484 shares during the period. Mirabella Financial Services LLP bought a new position in Ardelyx during the first quarter worth about $51,000. Finally, Worth Venture Partners LLC increased its position in Ardelyx by 39.4% during the first quarter. Worth Venture Partners LLC now owns 768,036 shares of the biopharmaceutical company’s stock worth $822,000 after acquiring an additional 217,061 shares during the period. 58.92% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ARDX. Piper Sandler increased their price target on shares of Ardelyx from $12.00 to $15.00 and gave the company an “overweight” rating in a research note on Friday, February 23rd. StockNews.com cut shares of Ardelyx from a “hold” rating to a “sell” rating in a research note on Monday, February 26th. Wedbush increased their price target on shares of Ardelyx from $13.00 to $14.00 and gave the company an “outperform” rating in a research note on Wednesday. Leerink Partnrs reiterated an “outperform” rating on shares of Ardelyx in a research note on Friday, April 5th. Finally, Citigroup raised their target price on shares of Ardelyx from $9.00 to $14.00 and gave the stock a “buy” rating in a research note on Wednesday, January 10th. One analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $12.69.

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.