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

Shares of Ardelyx, Inc. (NASDAQ:ARDX) gapped up prior to trading on Thursday following insider buying activity. The stock had previously closed at $5.05, but opened at $5.28. Ardelyx shares last traded at $5.21, with a volume of 1,368,265 shares.

Specifically, Director David M. Mott purchased 199,000 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was purchased at an average cost of $4.99 per share, for a total transaction of $993,010.00. Following the completion of the purchase, the director now directly owns 1,937,765 shares in the company, valued at $9,669,447.35. This trade represents a 11.44 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on ARDX shares. Citigroup reduced 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. HC Wainwright reiterated a “neutral” rating and set a $5.50 target price on shares of Ardelyx in a research note on Thursday, January 16th. Finally, Jefferies Financial Group reduced their target price on Ardelyx from $11.00 to $8.00 and set a “buy” rating for the company in a research note on Thursday, January 2nd. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Ardelyx presently has an average rating of “Moderate Buy” and a consensus price target of $9.25.

Ardelyx Stock Performance

The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of -18.37 and a beta of 0.85. The company has a fifty day moving average of $5.17 and a two-hundred day moving average of $5.65. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.87 and a current ratio of 4.03.

Institutional Trading of Ardelyx

Hedge funds have recently added to or reduced their stakes in the company. KBC Group NV lifted its holdings in Ardelyx by 101.8% during the 4th quarter. KBC Group NV now owns 13,706 shares of the biopharmaceutical company’s stock worth $69,000 after purchasing an additional 6,915 shares during the last quarter. Coastal Bridge Advisors LLC acquired a new position in Ardelyx in the 2nd quarter valued at $74,000. Helen Stephens Group LLC acquired a new position in Ardelyx in the 3rd quarter valued at $76,000. CWM LLC raised its holdings in Ardelyx by 328.1% in the 3rd quarter. CWM LLC now owns 12,814 shares of the biopharmaceutical company’s stock valued at $88,000 after acquiring an additional 9,821 shares in the last quarter. Finally, Heck Capital Advisors LLC acquired a new position in Ardelyx in the 4th quarter valued at $121,000. 58.92% of the stock is 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.