Ardelyx (NASDAQ:ARDX) Shares Gap Down to $7.57

Ardelyx, Inc. (NASDAQ:ARDX) shares gapped down before the market opened on Tuesday . The stock had previously closed at $7.57, but opened at $6.25. Ardelyx shares last traded at $6.15, with a volume of 2,790,226 shares traded.

Analyst Ratings Changes

ARDX has been the topic of several analyst reports. SVB Leerink initiated coverage on Ardelyx in a report on Friday, April 5th. They set an “outperform” rating and a $14.00 target price on the stock. StockNews.com downgraded Ardelyx from a “hold” rating to a “sell” rating in a research report on Friday. Piper Sandler reissued an “overweight” rating and set a $15.00 price target on shares of Ardelyx in a research report on Friday, May 24th. Leerink Partnrs reissued an “outperform” rating on shares of Ardelyx in a research report on Friday, April 5th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Ardelyx in a research report on Thursday, June 20th. One analyst has rated the stock with a sell rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Ardelyx has an average rating of “Moderate Buy” and a consensus target price of $12.81.

Ardelyx Stock Down 20.5 %

The firm has a 50-day moving average price of $7.02 and a 200 day moving average price of $7.65. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.53 and a quick ratio of 4.36. The company has a market cap of $1.40 billion, a price-to-earnings ratio of -21.82 and a beta of 0.83.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings results on Thursday, May 2nd. The biopharmaceutical company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. The business had revenue of $46.00 million for the quarter, compared to the consensus estimate of $36.40 million. Ardelyx had a negative return on equity of 41.65% and a negative net margin of 41.36%. The firm’s quarterly revenue was up 303.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.13) earnings per share. Sell-side analysts predict that Ardelyx, Inc. will post -0.36 EPS for the current year.

Insider Buying and Selling

In related news, insider David P. Rosenbaum sold 17,872 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $7.00, for a total transaction of $125,104.00. Following the sale, the insider now owns 158,502 shares of the company’s stock, valued at $1,109,514. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Ardelyx news, insider Robert Blanks sold 38,000 shares of the company’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $5.96, for a total transaction of $226,480.00. Following the completion of the sale, the insider now directly owns 324,331 shares in the company, valued at $1,933,012.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David P. Rosenbaum sold 17,872 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $7.00, for a total value of $125,104.00. Following the sale, the insider now owns 158,502 shares of the company’s stock, valued at $1,109,514. The disclosure for this sale can be found here. Insiders have sold 534,119 shares of company stock valued at $4,117,225 over the last 90 days. 5.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ardelyx

Several institutional investors and hedge funds have recently added to or reduced their stakes in ARDX. HighMark Wealth Management LLC bought a new position in shares of Ardelyx in the 1st quarter valued at $36,000. SJS Investment Consulting Inc. bought a new position in Ardelyx during the 4th quarter worth $62,000. Sherbrooke Park Advisers LLC bought a new position in Ardelyx during the 3rd quarter worth $63,000. Jump Financial LLC bought a new position in Ardelyx during the 4th quarter worth $63,000. Finally, Newbridge Financial Services Group Inc. bought a new position in Ardelyx during the 1st quarter worth $64,000. 58.92% of the stock is currently owned by institutional investors.

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.