Ardelyx, Inc. (NASDAQ:ARDX) Insider David P. Rosenbaum Sells 49,564 Shares

Ardelyx, Inc. (NASDAQ:ARDX) insider David P. Rosenbaum sold 49,564 shares of the stock in a transaction on Friday, September 27th. The shares were sold at an average price of $6.92, for a total value of $342,982.88. Following the completion of the transaction, the insider now directly owns 301,946 shares in the company, valued at approximately $2,089,466.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Ardelyx Stock Performance

NASDAQ ARDX traded down $0.04 during trading hours on Tuesday, reaching $6.85. The company’s stock had a trading volume of 4,155,599 shares, compared to its average volume of 5,061,170. The stock has a market cap of $1.59 billion, a PE ratio of -24.61 and a beta of 0.90. The business has a 50-day simple moving average of $5.95 and a 200 day simple moving average of $6.54. Ardelyx, Inc. has a 52 week low of $3.16 and a 52 week high of $10.13. 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 released its quarterly earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. The company had revenue of $73.20 million for the quarter, compared to analysts’ expectations of $55.03 million. Ardelyx had a negative return on equity of 39.73% and a negative net margin of 31.02%. The business’s revenue for the quarter was up 228.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.08) earnings per share. Equities research analysts predict that Ardelyx, Inc. will post -0.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC raised its holdings 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 valued at $26,000 after purchasing an additional 3,233 shares in the last quarter. HighMark Wealth Management LLC acquired a new position in Ardelyx in the first quarter valued at about $36,000. Redwood Wealth Management Group LLC bought a new stake in shares of Ardelyx during the second quarter worth $62,000. Coastal Bridge Advisors LLC bought a new position in Ardelyx in the 2nd quarter worth approximately $74,000. Finally, Paloma Partners Management Co bought a new position in shares of Ardelyx in the 1st quarter valued at about $86,000. Institutional investors own 58.92% of the company’s stock.

Wall Street Analyst Weigh In

ARDX has been the subject of a number of recent research reports. HC Wainwright increased their price target on shares of Ardelyx from $10.00 to $11.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Wedbush reiterated an “outperform” rating and set a $11.00 target price on shares of Ardelyx in a research note on Friday, August 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Ardelyx in a research note on Thursday, June 20th. Piper Sandler lowered Ardelyx from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $15.00 to $7.00 in a report on Tuesday, July 2nd. Finally, StockNews.com raised shares of Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average 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.