Ardelyx (NASDAQ:ARDX) Shares Gap Up After Insider Buying Activity

Ardelyx, Inc. (NASDAQ:ARDX) 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 trading hands.

Specifically, Director David M. Mott acquired 213,300 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The shares were acquired at an average price of $4.67 per share, for a total transaction of $996,111.00. Following the completion of the purchase, the director now owns 1,638,765 shares in the company, valued at approximately $7,653,032.55. This trade represents a 14.96 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ARDX. HC Wainwright lowered Ardelyx from a “buy” rating to a “neutral” rating and lowered their target price for the company from $11.00 to $5.50 in a research note on Monday, November 11th. Citigroup lowered their price objective 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 investment 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 stock. According to MarketBeat.com, Ardelyx currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.42.

Ardelyx Price Performance

The business has a fifty day moving average of $5.45 and a 200-day moving average of $5.83. The company has a current ratio of 4.03, a quick ratio of 3.87 and a debt-to-equity ratio of 0.64. The firm has a market cap of $1.13 billion, a PE ratio of -15.87 and a beta of 0.83.

Institutional Investors Weigh In On Ardelyx

A number of institutional investors and hedge funds have recently modified their holdings of ARDX. Nisa Investment Advisors LLC increased its holdings in Ardelyx by 1,026.3% during the 2nd 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 during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Ardelyx by 34.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 63,176 shares of the biopharmaceutical company’s stock valued at $468,000 after purchasing an additional 16,198 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Ardelyx by 283.9% in the 2nd quarter. Principal Financial Group Inc. now owns 471,453 shares of the biopharmaceutical company’s stock worth $3,493,000 after buying an additional 348,642 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of Ardelyx during the 2nd quarter valued at $832,000. Finally, Ausdal Financial Partners Inc. lifted its holdings in shares of Ardelyx by 89.1% during the 2nd quarter. Ausdal Financial Partners Inc. now owns 28,770 shares of the biopharmaceutical company’s stock worth $213,000 after acquiring an additional 13,557 shares during the last quarter. 58.92% of the stock is owned by hedge funds and other institutional investors.

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.