David P. Rosenbaum Sells 5,312 Shares of Ardelyx, Inc. (NASDAQ:ARDX) Stock

Ardelyx, Inc. (NASDAQ:ARDX) insider David P. Rosenbaum sold 5,312 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.26, for a total value of $33,253.12. Following the completion of the sale, the insider now directly owns 153,616 shares in the company, valued at $961,636.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Ardelyx Price Performance

NASDAQ:ARDX traded down $0.09 during mid-day trading on Monday, reaching $6.22. 1,865,448 shares of the stock were exchanged, compared to its average volume of 5,164,164. The business has a fifty day moving average price of $5.86 and a 200 day moving average price of $6.73. The firm has a market capitalization of $1.45 billion, a PE ratio of -22.21 and a beta of 0.90. Ardelyx, Inc. has a 1-year low of $3.16 and a 1-year high of $10.13. The company has a current ratio of 4.21, a quick ratio of 3.99 and a debt-to-equity ratio of 0.68.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.04. Ardelyx had a negative net margin of 31.02% and a negative return on equity of 39.73%. The firm had revenue of $73.20 million for the quarter, compared to analysts’ expectations of $55.03 million. During the same period in the previous year, the business earned ($0.08) earnings per share. Ardelyx’s revenue for the quarter was up 228.3% compared to the same quarter last year. Research analysts expect that Ardelyx, Inc. will post -0.26 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. StockNews.com raised Ardelyx from a “sell” rating to a “hold” rating in a research report on Wednesday, July 31st. HC Wainwright raised their price target on Ardelyx from $10.00 to $11.00 and gave the company a “buy” rating in a report on Monday, August 5th. Piper Sandler lowered 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 report on Tuesday, July 2nd. Citigroup raised their price target on Ardelyx from $10.00 to $12.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Ardelyx in a report on Thursday, June 20th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $11.67.

Institutional Investors Weigh In On Ardelyx

Hedge funds and other institutional investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC raised its position in Ardelyx by 1,026.3% in the second 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 in the last quarter. HighMark Wealth Management LLC purchased a new position in Ardelyx in the 1st quarter worth about $36,000. Redwood Wealth Management Group LLC purchased a new position in Ardelyx in the 2nd quarter worth about $62,000. Jump Financial LLC purchased a new position in Ardelyx in the 4th quarter worth about $63,000. Finally, Newbridge Financial Services Group Inc. purchased a new position in Ardelyx in the 1st quarter worth about $64,000. 58.92% of the stock is currently owned by institutional investors.

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.