Insider Selling: Ardelyx, Inc. (NASDAQ:ARDX) CEO Sells 2,310 Shares of Stock

Ardelyx, Inc. (NASDAQ:ARDX) CEO Michael Raab sold 2,310 shares of Ardelyx stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $6.59, for a total value of $15,222.90. Following the sale, the chief executive officer now directly owns 1,267,963 shares in the company, valued at $8,355,876.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

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

• On Thursday, June 13th, Michael Raab sold 35,000 shares of Ardelyx stock. The stock was sold at an average price of $6.65, for a total transaction of $232,750.00.
• On Wednesday, May 29th, Michael Raab sold 7,500 shares of Ardelyx stock. The shares were sold at an average price of $6.72, for a total transaction of $50,400.00.
• On Tuesday, May 14th, Michael Raab sold 3,000 shares of Ardelyx stock. The shares were sold at an average price of $7.99, for a total transaction of $23,970.00.
• On Monday, April 29th, Michael Raab sold 30,000 shares of Ardelyx stock. The stock was sold at an average price of $6.40, for a total transaction of $192,000.00.
• On Monday, April 15th, Michael Raab sold 7,500 shares of Ardelyx stock. The stock was sold at an average price of $7.06, for a total value of $52,950.00.
• 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 value of $11,096.58.

Ardelyx Price Performance

Shares of NASDAQ ARDX opened at $7.41 on Monday. The firm has a market capitalization of $1.72 billion, a P/E ratio of -26.46 and a beta of 0.79. The firm’s 50-day moving average price is $7.00 and its 200-day moving average price is $7.64. The company has a current ratio of 4.53, a quick ratio of 4.36 and a debt-to-equity ratio of 0.66. Ardelyx, Inc. has a 1-year low of $3.16 and a 1-year high of $10.13.

Ardelyx (NASDAQ:ARDX) last posted its quarterly earnings results on Thursday, May 2nd. The biopharmaceutical company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. The business had revenue of $46.00 million for the quarter, compared to the consensus estimate of $36.40 million. Ardelyx had a negative return on equity of 41.65% and a negative net margin of 41.36%. The firm’s revenue for the quarter was up 303.5% on a year-over-year basis. During the same period in the prior year, the business earned ($0.13) EPS. Equities research analysts anticipate that Ardelyx, Inc. will post -0.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ardelyx

A number of large investors have recently modified their holdings of ARDX. Farallon Capital Management LLC acquired a new position in Ardelyx during the first quarter worth $168,000. Virtu Financial LLC bought a new position in Ardelyx in the 1st quarter valued at about $220,000. Castleark Management LLC acquired a new position in Ardelyx during the 1st quarter valued at about $1,571,000. Bayesian Capital Management LP bought a new stake in Ardelyx during the 1st quarter worth approximately $657,000. Finally, Redmile Group LLC purchased a new stake in shares of Ardelyx in the first quarter worth approximately $16,020,000. 58.92% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ARDX. Piper Sandler reaffirmed an “overweight” rating and issued a $15.00 price objective on shares of Ardelyx in a research note on Friday, May 24th. Leerink Partnrs restated an “outperform” rating on shares of Ardelyx in a research report on Friday, April 5th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Ardelyx in a research note on Thursday, June 20th. Wedbush reissued an “outperform” rating and set a $15.00 target price on shares of Ardelyx in a research note on Friday, May 24th. Finally, Citigroup boosted their target price on shares of Ardelyx from $13.00 to $14.00 and gave the company a “buy” rating in a report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Ardelyx has a consensus rating of “Moderate Buy” and a consensus target price of $12.81.

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.