Insider Selling: Ardelyx, Inc. (NASDAQ:ARDX) CEO Sells 3,000 Shares of Stock

Ardelyx, Inc. (NASDAQ:ARDX) CEO Michael Raab sold 3,000 shares of the firm’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $6.07, for a total value of $18,210.00. Following the completion of the transaction, the chief executive officer now owns 1,217,608 shares in the company, valued at approximately $7,390,880.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Michael Raab also recently made the following trade(s):

• On Wednesday, September 11th, Michael Raab sold 35,000 shares of Ardelyx stock. The shares were sold at an average price of $5.61, for a total value of $196,350.00.
• On Tuesday, August 27th, Michael Raab sold 7,500 shares of Ardelyx stock. The shares were sold at an average price of $6.22, for a total value of $46,650.00.
• On Tuesday, August 20th, Michael Raab sold 32,225 shares of Ardelyx stock. The shares were sold at an average price of $5.86, for a total value of $188,838.50.
• On Monday, August 12th, Michael Raab sold 1,229 shares of Ardelyx stock. The shares were sold at an average price of $5.71, for a total value of $7,017.59.
• On Monday, July 29th, Michael Raab sold 30,000 shares of Ardelyx stock. The stock was sold at an average price of $5.64, for a total value of $169,200.00.
• On Monday, July 15th, Michael Raab sold 7,500 shares of Ardelyx stock. The stock was sold at an average price of $5.97, for a total value of $44,775.00.

Ardelyx Stock Up 4.6 %

Shares of NASDAQ:ARDX traded up $0.29 during trading on Friday, hitting $6.65. 6,474,482 shares of the company were exchanged, compared to its average volume of 5,075,990. The stock has a market cap of $1.55 billion, a price-to-earnings ratio of -24.14 and a beta of 0.90. Ardelyx, Inc. has a fifty-two week low of $3.16 and a fifty-two week high of $10.13. The firm has a fifty day moving average price of $5.90 and a two-hundred day moving average price of $6.59. The company has a current ratio of 4.21, a quick ratio of 3.99 and a debt-to-equity ratio of 0.68.

Ardelyx (NASDAQ:ARDX) last posted 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 return on equity of 39.73% and a negative net margin of 31.02%. The firm had revenue of $73.20 million for the quarter, compared to analyst estimates of $55.03 million. During the same quarter in the previous year, the firm earned ($0.08) EPS. The business’s quarterly revenue was up 228.3% on a year-over-year basis. As a group, research analysts anticipate that Ardelyx, Inc. will post -0.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. World Equity Group Inc. boosted its stake in shares of Ardelyx by 15.4% during the 2nd quarter. World Equity Group Inc. now owns 18,402 shares of the biopharmaceutical company’s stock worth $136,000 after acquiring an additional 2,453 shares during the period. Nisa Investment Advisors LLC boosted its stake in shares of Ardelyx by 1,026.3% during 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 period. ProShare Advisors LLC boosted its stake in shares of Ardelyx by 8.9% during the 1st quarter. ProShare Advisors LLC now owns 57,729 shares of the biopharmaceutical company’s stock worth $421,000 after acquiring an additional 4,735 shares during the period. HighMark Wealth Management LLC bought a new position in shares of Ardelyx during the 1st quarter worth approximately $36,000. Finally, Redwood Wealth Management Group LLC bought a new position in shares of Ardelyx during the 2nd quarter worth approximately $62,000. 58.92% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on ARDX. HC Wainwright raised their target price on Ardelyx from $10.00 to $11.00 and gave the stock a “buy” rating in a report on Monday, August 5th. StockNews.com upgraded Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Piper Sandler cut Ardelyx from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $15.00 to $7.00 in a report on Tuesday, July 2nd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Ardelyx in a report on Thursday, June 20th. Finally, Citigroup lifted their target price on Ardelyx from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus 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.