Ardelyx (NASDAQ:ARDX) Shares Gap Down on Insider Selling

Ardelyx, Inc. (NASDAQ:ARDX) shares gapped down prior to trading on Friday following insider selling activity. The stock had previously closed at $6.38, but opened at $5.77. Ardelyx shares last traded at $5.05, with a volume of 3,935,413 shares changing hands.

Specifically, insider David P. Rosenbaum sold 27,171 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $6.10, for a total value of $165,743.10. Following the completion of the transaction, the insider now owns 153,616 shares of the company’s stock, valued at approximately $937,057.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider David P. Rosenbaum sold 27,172 shares of Ardelyx stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $5.95, for a total value of $161,673.40. Following the sale, the insider now owns 153,616 shares in the company, valued at $914,015.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Ratings Changes

Several research firms recently issued reports on ARDX. StockNews.com raised shares of Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Citigroup cut their target price on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. HC Wainwright reiterated a “buy” rating and issued a $11.00 price target on shares of Ardelyx in a research note on Friday, November 1st. Finally, Wedbush restated an “outperform” rating and set a $11.00 price objective on shares of Ardelyx in a research note on Friday, August 2nd. Two equities research 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 company’s stock. According to data from MarketBeat, Ardelyx presently has a consensus rating of “Moderate Buy” and an average price target of $11.33.

Ardelyx Price Performance

The stock has a 50 day simple moving average of $6.04 and a 200 day simple moving average of $6.30. The company has a quick ratio of 3.87, a current ratio of 4.03 and a debt-to-equity ratio of 0.64.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ARDX. Nisa Investment Advisors LLC increased its position in Ardelyx by 1,026.3% in the second quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock worth $26,000 after buying an additional 3,233 shares during the period. Redwood Wealth Management Group LLC bought a new position in shares of Ardelyx during the second quarter worth about $62,000. Coastal Bridge Advisors LLC acquired a new stake in shares of Ardelyx in the 2nd quarter worth about $74,000. Helen Stephens Group LLC bought a new stake in Ardelyx in the 3rd quarter valued at about $76,000. Finally, Paloma Partners Management Co acquired a new position in Ardelyx during the 1st quarter valued at about $86,000. Institutional investors and hedge funds own 58.92% of the company’s stock.

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.