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

Ardelyx, Inc. (NASDAQ:ARDX) shares gapped up prior to trading 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 purchased 213,300 shares of the firm’s stock in a transaction that occurred on Thursday, December 19th. The stock was bought at an average cost of $4.67 per share, with a total value of $996,111.00. Following the completion of the transaction, the director now owns 1,638,765 shares of the company’s stock, valued at $7,653,032.55. The trade was a 14.96 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ARDX. HC Wainwright downgraded Ardelyx from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $11.00 to $5.50 in a research note on Monday, November 11th. Citigroup reduced their price target on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $10.42.

Ardelyx Stock Up 1.3 %

The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.87 and a current ratio of 4.03. The firm has a market capitalization of $1.10 billion, a P/E ratio of -15.47 and a beta of 0.83. The stock has a 50 day moving average of $5.39 and a 200-day moving average of $5.80.

Institutional Investors Weigh In On Ardelyx

Hedge funds and other institutional investors have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Ardelyx by 34.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 63,176 shares of the biopharmaceutical company’s stock valued at $468,000 after purchasing an additional 16,198 shares in the last quarter. Principal Financial Group Inc. grew its stake in Ardelyx by 283.9% during the second quarter. Principal Financial Group Inc. now owns 471,453 shares of the biopharmaceutical company’s stock valued at $3,493,000 after acquiring an additional 348,642 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in Ardelyx during the 2nd quarter worth approximately $832,000. Ausdal Financial Partners Inc. increased its holdings in Ardelyx by 89.1% during the 2nd quarter. Ausdal Financial Partners Inc. now owns 28,770 shares of the biopharmaceutical company’s stock worth $213,000 after acquiring an additional 13,557 shares during the period. Finally, Redwood Wealth Management Group LLC purchased a new stake in Ardelyx in the 2nd quarter worth approximately $62,000. Institutional investors own 58.92% of the company’s stock.

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.