Ardelyx, Inc. (NASDAQ:ARDX) Insider David P. Rosenbaum Sells 49,564 Shares

Ardelyx, Inc. (NASDAQ:ARDX) insider David P. Rosenbaum sold 49,564 shares of Ardelyx stock in a transaction on Friday, September 27th. The stock was 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 directly owns 301,946 shares of the company’s stock, valued at approximately $2,089,466.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Ardelyx Stock Performance

Ardelyx stock traded down $0.04 during mid-day trading on Tuesday, reaching $6.85. 4,155,599 shares of the stock traded hands, compared to its average volume of 5,061,170. The stock has a market capitalization of $1.59 billion, a PE ratio of -24.61 and a beta of 0.90. 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 business’s 50-day moving average is $5.95 and its 200-day moving average is $6.54. Ardelyx, Inc. has a 12-month low of $3.16 and a 12-month high of $10.13.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share 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 business had revenue of $73.20 million for the quarter, compared to analysts’ expectations of $55.03 million. During the same quarter last year, the company posted ($0.08) EPS. The company’s revenue was up 228.3% compared to the same quarter last year. As a group, sell-side analysts predict that Ardelyx, Inc. will post -0.26 EPS for the current fiscal year.

Institutional Trading of Ardelyx

Large investors have recently modified their holdings of the company. Rubric Capital Management LP lifted its stake in Ardelyx by 60.5% in the 4th quarter. Rubric Capital Management LP now owns 4,012,753 shares of the biopharmaceutical company’s stock valued at $24,879,000 after buying an additional 1,512,753 shares in the last quarter. Vanguard Group Inc. lifted its position in Ardelyx by 2.8% in the first quarter. Vanguard Group Inc. now owns 13,391,855 shares of the biopharmaceutical company’s stock valued at $97,761,000 after buying an additional 365,809 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its holdings in Ardelyx by 37.2% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 438,827 shares of the biopharmaceutical company’s stock valued at $3,203,000 after purchasing an additional 118,879 shares during the last quarter. Clay Northam Wealth Management LLC raised its position in Ardelyx by 154.7% in the second quarter. Clay Northam Wealth Management LLC now owns 232,377 shares of the biopharmaceutical company’s stock valued at $1,722,000 after purchasing an additional 141,145 shares during the period. Finally, Russell Investments Group Ltd. boosted its holdings in Ardelyx by 100.7% during the 1st quarter. Russell Investments Group Ltd. now owns 536,297 shares of the biopharmaceutical company’s stock valued at $3,915,000 after acquiring an additional 269,046 shares during the period. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on ARDX. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Ardelyx in a report on Thursday, June 20th. Citigroup upped their price objective on Ardelyx from $10.00 to $12.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Wedbush reiterated an “outperform” rating and issued a $11.00 target price on shares of Ardelyx in a research report on Friday, August 2nd. Piper Sandler lowered Ardelyx from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $15.00 to $7.00 in a report on Tuesday, July 2nd. Finally, StockNews.com upgraded Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Ardelyx has a consensus rating of “Moderate Buy” and an average price target 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.