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

Ardelyx, Inc. (NASDAQ:ARDX) gapped up before the market opened on Tuesday after an insider bought additional shares in the company. 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 changing hands.

Specifically, Director David M. Mott acquired 213,300 shares of the firm’s stock in a transaction that occurred on Thursday, December 19th. The shares were bought at an average cost of $4.67 per share, for a total transaction of $996,111.00. Following the completion of the transaction, 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ARDX. HC Wainwright cut Ardelyx from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $11.00 to $5.50 in a report on Monday, November 11th. Citigroup cut their target price on Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company 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 company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.42.

Ardelyx Price Performance

The company has a quick ratio of 3.87, a current ratio of 4.03 and a debt-to-equity ratio of 0.64. The firm’s fifty day moving average price is $5.42 and its 200 day moving average price is $5.81. The stock has a market cap of $1.10 billion, a PE ratio of -15.47 and a beta of 0.83.

Hedge Funds Weigh In On Ardelyx

A number of institutional investors and hedge funds have recently modified their holdings of ARDX. Nisa Investment Advisors LLC lifted 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 worth $26,000 after acquiring an additional 3,233 shares during the last quarter. Redwood Wealth Management Group LLC bought a new stake in Ardelyx in the second quarter worth about $62,000. Coastal Bridge Advisors LLC purchased a new position in shares of Ardelyx during the second quarter valued at approximately $74,000. Helen Stephens Group LLC bought a new position in shares of Ardelyx during the third quarter valued at approximately $76,000. Finally, CWM LLC raised its holdings in shares of Ardelyx by 328.1% in the third quarter. CWM LLC now owns 12,814 shares of the biopharmaceutical company’s stock worth $88,000 after buying an additional 9,821 shares during the period. Hedge funds and other institutional investors 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.