Ardelyx (NASDAQ:ARDX) Trading Down 8.8% – Should You Sell?

Shares of Ardelyx, Inc. (NASDAQ:ARDX) fell 8.8% during mid-day trading on Monday . The stock traded as low as $6.18 and last traded at $6.22. 1,779,690 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 5,008,354 shares. The stock had previously closed at $6.82.

Analysts Set New Price Targets

A number of equities analysts recently commented on ARDX shares. StockNews.com upgraded Ardelyx from a “sell” rating to a “hold” rating in a research report on Wednesday, July 31st. Piper Sandler lowered Ardelyx from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $15.00 to $7.00 in a research report on Tuesday, July 2nd. Wedbush reaffirmed an “outperform” rating and set a $11.00 price objective on shares of Ardelyx in a report on Friday, August 2nd. 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. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Ardelyx in a report on Thursday, June 20th. 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 company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $11.67.

Ardelyx Stock Performance

The company has a quick ratio of 3.99, a current ratio of 4.21 and a debt-to-equity ratio of 0.68. The company has a 50 day moving average price of $6.07 and a 200-day moving average price of $6.49. The company has a market cap of $1.37 billion, a P/E ratio of -21.18 and a beta of 0.90.

Ardelyx (NASDAQ:ARDX) last issued its earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) EPS 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 business had revenue of $73.20 million during the quarter, compared to analysts’ expectations of $55.03 million. During the same quarter last year, the firm posted ($0.08) earnings per share. Ardelyx’s revenue was up 228.3% compared to the same quarter last year. Equities analysts expect that Ardelyx, Inc. will post -0.26 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Michael Raab sold 7,500 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $5.97, for a total transaction of $44,775.00. Following the completion of the transaction, the chief executive officer now directly owns 1,260,463 shares of the company’s stock, valued at approximately $7,524,964.11. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Michael Raab sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $5.97, for a total value of $44,775.00. Following the completion of the transaction, the chief executive officer now owns 1,260,463 shares in the company, valued at $7,524,964.11. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Justin A. Renz sold 5,289 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $5.86, for a total transaction of $30,993.54. Following the transaction, the chief financial officer now owns 295,257 shares in the company, valued at approximately $1,730,206.02. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 217,126 shares of company stock valued at $1,320,113 in the last three months. Company insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On Ardelyx

Large investors have recently bought and sold shares of the company. Syon Capital LLC acquired a new stake in Ardelyx during the 4th quarter worth approximately $241,000. Hennion & Walsh Asset Management Inc. raised its holdings in Ardelyx by 37.2% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 438,827 shares of the biopharmaceutical company’s stock worth $3,203,000 after purchasing an additional 118,879 shares during the last quarter. HighMark Wealth Management LLC bought a new stake in Ardelyx during the 1st quarter valued at $36,000. China Universal Asset Management Co. Ltd. raised its holdings in shares of Ardelyx by 66.7% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 44,754 shares of the biopharmaceutical company’s stock worth $327,000 after acquiring an additional 17,903 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Ardelyx by 347.4% during the first quarter. Principal Financial Group Inc. now owns 122,811 shares of the biopharmaceutical company’s stock valued at $897,000 after purchasing an additional 95,361 shares in the last quarter. Institutional investors and hedge funds own 58.92% of the company’s stock.

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.