Ardelyx, Inc. (NASDAQ:ARDX) Short Interest Down 11.1% in September

Ardelyx, Inc. (NASDAQ:ARDX) was the target of a significant drop in short interest during the month of September. As of September 30th, there was short interest totalling 23,050,000 shares, a drop of 11.1% from the September 15th total of 25,930,000 shares. Based on an average trading volume of 3,460,000 shares, the short-interest ratio is presently 6.7 days.

Insider Transactions at Ardelyx

In related news, CEO Michael Raab sold 35,000 shares of the company’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $5.61, for a total value of $196,350.00. Following the completion of the sale, the chief executive officer now owns 1,220,608 shares in the company, valued at $6,847,610.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Michael Raab sold 35,000 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $5.61, for a total value of $196,350.00. Following the transaction, the chief executive officer now owns 1,220,608 shares in the company, valued at $6,847,610.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing 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 that occurred on Tuesday, August 20th. The shares were sold at an average price of $5.86, for a total value of $30,993.54. Following the sale, the chief financial officer now directly owns 295,257 shares of the company’s stock, valued at approximately $1,730,206.02. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 217,126 shares of company stock worth $1,320,413. Insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On Ardelyx

Institutional investors and hedge funds have recently modified their holdings of the company. Inspire Investing LLC grew its holdings in Ardelyx by 22.3% during the 3rd quarter. Inspire Investing LLC now owns 59,793 shares of the biopharmaceutical company’s stock valued at $412,000 after buying an additional 10,912 shares during the last quarter. CWM LLC grew its holdings in Ardelyx by 328.1% during the 3rd quarter. CWM LLC now owns 12,814 shares of the biopharmaceutical company’s stock valued at $88,000 after buying an additional 9,821 shares during the last quarter. Helen Stephens Group LLC acquired a new stake in Ardelyx during the 3rd quarter valued at $76,000. B. Riley Wealth Advisors Inc. acquired a new stake in Ardelyx during the 2nd quarter valued at $645,000. Finally, Coastal Bridge Advisors LLC acquired a new stake in Ardelyx during the 2nd quarter valued at $74,000. Institutional investors and hedge funds own 58.92% of the company’s stock.

Ardelyx Stock Performance

ARDX opened at $5.97 on Wednesday. The stock has a market cap of $1.39 billion, a P/E ratio of -21.32 and a beta of 0.90. The company has a debt-to-equity ratio of 0.68, a current ratio of 4.21 and a quick ratio of 3.99. The stock’s 50 day simple moving average is $6.08 and its 200 day simple moving average is $6.44. Ardelyx has a 1-year low of $3.33 and a 1-year high of $10.13.

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, topping analysts’ consensus estimates of ($0.11) by $0.04. The business 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 company’s revenue was up 228.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.08) EPS. As a group, equities analysts anticipate that Ardelyx will post -0.25 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ARDX. Piper Sandler cut shares of Ardelyx from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $15.00 to $7.00 in a research note on Tuesday, July 2nd. StockNews.com upgraded shares of Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday, July 31st. HC Wainwright raised their price objective on shares of Ardelyx from $10.00 to $11.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Citigroup increased their target price on Ardelyx from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Ardelyx in a research note on Thursday, June 20th. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Ardelyx has a consensus rating of “Moderate Buy” and an average target price of $11.67.

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.