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

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

Ardelyx Stock Down 1.4 %

ARDX stock opened at $6.22 on Tuesday. The company has a debt-to-equity ratio of 0.68, a current ratio of 4.21 and a quick ratio of 3.99. The stock has a market capitalization of $1.45 billion, a P/E ratio of -22.21 and a beta of 0.90. Ardelyx, Inc. has a fifty-two week low of $3.16 and a fifty-two week high of $10.13. The business has a 50-day moving average of $5.86 and a 200-day moving average of $6.73.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. Ardelyx had a negative return on equity of 39.73% and a negative net margin of 31.02%. The firm had revenue of $73.20 million during the quarter, compared to the consensus estimate of $55.03 million. During the same quarter in the prior year, the firm posted ($0.08) EPS. The business’s revenue was up 228.3% on a year-over-year basis. On average, sell-side analysts anticipate that Ardelyx, Inc. will post -0.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ardelyx

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rubric Capital Management LP increased its position in shares of Ardelyx by 60.5% in the fourth quarter. Rubric Capital Management LP now owns 4,012,753 shares of the biopharmaceutical company’s stock valued at $24,879,000 after acquiring an additional 1,512,753 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Ardelyx by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 13,391,855 shares of the biopharmaceutical company’s stock worth $97,761,000 after purchasing an additional 365,809 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its stake in shares of Ardelyx by 37.2% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 438,827 shares of the biopharmaceutical company’s stock worth $3,203,000 after purchasing an additional 118,879 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Ardelyx by 9.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,816,732 shares of the biopharmaceutical company’s stock worth $11,264,000 after purchasing an additional 150,465 shares in the last quarter. Finally, Clay Northam Wealth Management LLC boosted its holdings in shares of Ardelyx by 154.7% in the 2nd quarter. Clay Northam Wealth Management LLC now owns 232,377 shares of the biopharmaceutical company’s stock valued at $1,722,000 after buying an additional 141,145 shares during the last quarter. 58.92% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ARDX. Cantor Fitzgerald reiterated an “overweight” rating on shares of Ardelyx in a report on Thursday, June 20th. StockNews.com upgraded Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Wedbush reaffirmed an “outperform” rating and set a $11.00 price target on shares of Ardelyx in a research report on Friday, August 2nd. Piper Sandler cut Ardelyx from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $15.00 to $7.00 in a report on Tuesday, July 2nd. Finally, HC Wainwright increased their target price on Ardelyx from $10.00 to $11.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $11.67.

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.