Ardelyx (NASDAQ:ARDX) Trading 7.3% Higher – Should You Buy?

Ardelyx, Inc. (NASDAQ:ARDX) shot up 7.3% on Friday . The company traded as high as $6.44 and last traded at $6.30. 2,272,711 shares were traded during trading, a decline of 53% from the average session volume of 4,829,577 shares. The stock had previously closed at $5.87.

Analyst Ratings Changes

A number of equities analysts recently issued reports on ARDX shares. StockNews.com upgraded shares of Ardelyx from a “sell” rating to a “hold” rating in a research report on Wednesday, July 31st. HC Wainwright lifted their target price on shares of Ardelyx from $10.00 to $11.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Wedbush reiterated an “outperform” rating and set a $11.00 price objective on shares of Ardelyx in a research report on Friday, August 2nd. Finally, Citigroup increased their target price on Ardelyx from $10.00 to $12.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Ardelyx presently has an average rating of “Moderate Buy” and an average price target of $11.67.

Ardelyx Trading Up 6.3 %

The business’s 50-day simple moving average is $6.07 and its 200-day simple moving average is $6.33. The company has a market cap of $1.47 billion, a PE ratio of -22.48 and a beta of 0.90. 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 announced 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 company had revenue of $73.20 million during 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 quarterly revenue was up 228.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.08) earnings per share. As a group, analysts expect that Ardelyx, Inc. will post -0.25 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider David P. Rosenbaum sold 20,507 shares of Ardelyx stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $6.00, for a total value of $123,042.00. Following the transaction, the insider now owns 158,502 shares of the company’s stock, valued at $951,012. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Michael Raab sold 25,000 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $5.91, for a total transaction of $147,750.00. Following the transaction, the chief executive officer now owns 1,210,108 shares of the company’s stock, valued at approximately $7,151,738.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider David P. Rosenbaum sold 20,507 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $6.00, for a total transaction of $123,042.00. Following the completion of the sale, the insider now directly owns 158,502 shares of the company’s stock, valued at approximately $951,012. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 212,126 shares of company stock valued at $1,298,963 over the last 90 days. 5.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ARDX. Nisa Investment Advisors LLC increased its stake in Ardelyx by 1,026.3% during the second quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock valued at $26,000 after acquiring an additional 3,233 shares during the period. Redwood Wealth Management Group LLC bought a new position in shares of Ardelyx during the 2nd quarter worth about $62,000. Coastal Bridge Advisors LLC acquired a new position in Ardelyx in the second quarter worth about $74,000. Helen Stephens Group LLC bought a new position in Ardelyx during the third quarter worth about $76,000. Finally, Paloma Partners Management Co acquired a new stake in Ardelyx during the first quarter valued at approximately $86,000. Institutional investors and hedge funds 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.