Shares of Ardelyx, Inc. (NASDAQ:ARDX – Get Free Report) rose 4.6% on Friday . The company traded as high as $5.11 and last traded at $5.03. Approximately 4,406,461 shares traded hands during trading, a decline of 10% from the average daily volume of 4,877,309 shares. The stock had previously closed at $4.81.
Analyst Ratings Changes
Several equities analysts have issued reports on ARDX shares. HC Wainwright lowered Ardelyx from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $11.00 to $5.50 in a report on Monday, November 11th. Citigroup reduced their target price on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $10.42.
Read Our Latest Research Report on ARDX
Ardelyx Price Performance
Insider Buying and Selling at Ardelyx
In related news, CEO Michael Raab sold 25,000 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $5.26, for a total value of $131,500.00. Following the sale, the chief executive officer now directly owns 1,150,385 shares of the company’s stock, valued at approximately $6,051,025.10. This represents a 2.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David M. Mott bought 213,300 shares of the company’s stock in a transaction on Thursday, December 19th. The shares were acquired at an average price of $4.67 per share, with a total value of $996,111.00. Following the completion of the acquisition, the director now directly owns 1,638,765 shares in the company, valued at $7,653,032.55. This represents a 14.96 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders sold 184,192 shares of company stock valued at $1,013,345. Corporate insiders own 5.90% of the company’s stock.
Institutional Trading of Ardelyx
Several large investors have recently modified their holdings of the business. Millennium Management LLC lifted its stake in Ardelyx by 142.8% in the 2nd quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock valued at $23,735,000 after buying an additional 1,883,995 shares in the last quarter. Rubric Capital Management LP lifted its position in shares of Ardelyx by 68.5% in the third quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company’s stock valued at $21,085,000 after acquiring an additional 1,243,606 shares in the last quarter. Eventide Asset Management LLC increased its position in Ardelyx by 11.2% during the 3rd quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company’s stock worth $51,076,000 after purchasing an additional 746,067 shares in the last quarter. Vestal Point Capital LP acquired a new position in Ardelyx in the 3rd quarter valued at about $3,445,000. Finally, Squarepoint Ops LLC lifted its holdings in Ardelyx by 375.9% in the 2nd quarter. Squarepoint Ops LLC now owns 460,689 shares of the biopharmaceutical company’s stock valued at $3,414,000 after purchasing an additional 363,894 shares in the last quarter. 58.92% of the stock is currently owned by institutional investors and hedge funds.
Ardelyx Company Profile
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.
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