Ardelyx (NASDAQ:ARDX) Hits New 1-Year Low – Time to Sell?

Ardelyx, Inc. (NASDAQ:ARDX)’s share price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $4.32 and last traded at $4.34, with a volume of 3196078 shares changing hands. The stock had previously closed at $4.66.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ARDX shares. HC Wainwright cut Ardelyx from a “buy” rating to a “neutral” rating and cut their price target for the company from $11.00 to $5.50 in a report on Monday, November 11th. Citigroup cut their target price on Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.42.

Ardelyx Stock Down 1.5 %

The firm has a market cap of $1.09 billion, a price-to-earnings ratio of -15.30 and a beta of 0.83. The stock’s 50 day moving average is $5.53 and its 200 day moving average is $5.87. The company has a quick ratio of 3.87, a current ratio of 4.03 and a debt-to-equity ratio of 0.64.

Insider Buying and Selling at Ardelyx

In other 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 completion of the transaction, the insider now owns 301,946 shares in the company, valued at approximately $2,089,466.32. This trade represents a 14.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Michael Raab sold 25,000 shares of Ardelyx stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $5.26, for a total transaction of $131,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,150,385 shares in the company, valued at $6,051,025.10. This represents a 2.13 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 236,756 shares of company stock valued at $1,374,538. 5.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. State Street Corp grew its holdings in shares of Ardelyx by 1.5% in the 3rd quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company’s stock worth $83,657,000 after acquiring an additional 176,789 shares during the last quarter. Rubric Capital Management LP boosted its position in shares of Ardelyx by 68.5% in the 3rd quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company’s stock valued at $21,085,000 after purchasing an additional 1,243,606 shares during the period. BNP Paribas Financial Markets increased its stake in Ardelyx by 274.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 181,387 shares of the biopharmaceutical company’s stock worth $1,250,000 after purchasing an additional 132,928 shares in the last quarter. Vestal Point Capital LP acquired a new stake in Ardelyx during the 3rd quarter worth about $3,445,000. Finally, Millennium Management LLC lifted its stake in Ardelyx by 142.8% during the second quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock valued at $23,735,000 after buying an additional 1,883,995 shares in the last quarter. 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.