Ardelyx (NASDAQ:ARDX) Trading Down 3.6%

Shares of Ardelyx, Inc. (NASDAQ:ARDX) traded down 3.6% during trading on Wednesday . The stock traded as low as $5.91 and last traded at $5.93. 763,544 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 5,124,675 shares. The stock had previously closed at $6.15.

Analyst Ratings Changes

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

Ardelyx Stock Down 4.4 %

The business’s fifty day moving average is $5.87 and its two-hundred day moving average is $6.71. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of -21.96 and a beta of 0.90. The company has a quick ratio of 3.99, a current ratio of 4.21 and a debt-to-equity ratio of 0.68.

Ardelyx (NASDAQ:ARDX) last posted its quarterly earnings data 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 business had revenue of $73.20 million for the quarter, compared to analyst estimates of $55.03 million. During the same quarter in the prior year, the company earned ($0.08) earnings per share. The company’s revenue was up 228.3% on a year-over-year basis. Equities analysts forecast that Ardelyx, Inc. will post -0.26 earnings per share for the current fiscal year.

Insider Activity

In related news, insider David P. Rosenbaum sold 5,312 shares of the firm’s 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 owns 153,616 shares in the company, valued at approximately $961,636.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Ardelyx news, insider David P. Rosenbaum sold 5,312 shares of Ardelyx stock in a transaction on Friday, September 13th. The shares were sold at an average price of $6.26, for a total value of $33,253.12. Following the transaction, the insider now directly owns 153,616 shares in the company, valued at $961,636.16. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Justin A. Renz sold 5,289 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $5.86, for a total value of $30,993.54. Following the transaction, the chief financial officer now directly owns 295,257 shares in the company, valued at approximately $1,730,206.02. The disclosure for this sale can be found here. In the last three months, insiders sold 204,872 shares of company stock valued at $1,200,623. Insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Nisa Investment Advisors LLC increased its holdings in shares of Ardelyx by 1,026.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock valued at $26,000 after purchasing an additional 3,233 shares in the last quarter. HighMark Wealth Management LLC purchased a new position in Ardelyx in the first quarter valued at about $36,000. Redwood Wealth Management Group LLC purchased a new stake in shares of Ardelyx during the 2nd quarter worth approximately $62,000. Coastal Bridge Advisors LLC acquired a new position in Ardelyx during the second quarter worth $74,000. Finally, Jump Financial LLC purchased a new position in shares of Ardelyx during the 4th quarter worth approximately $63,000. 58.92% of the stock is currently owned by institutional investors and hedge funds.

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.