Ardelyx (NASDAQ:ARDX) Shares Gap Down – What’s Next?

Ardelyx, Inc. (NASDAQ:ARDX) shares gapped down prior to trading on Friday . The stock had previously closed at $6.38, but opened at $5.77. Ardelyx shares last traded at $5.05, with a volume of 3,935,413 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ARDX. HC Wainwright reaffirmed a “buy” rating and set a $11.00 price objective on shares of Ardelyx in a research report on Friday, November 1st. Wedbush restated an “outperform” rating and issued a $11.00 price target on shares of Ardelyx in a report on Friday, August 2nd. StockNews.com raised Ardelyx from a “sell” rating to a “hold” rating in a research report on Wednesday, July 31st. Finally, Citigroup reduced their target price on Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $11.33.

Ardelyx Stock Performance

The firm’s fifty day simple moving average is $6.06 and its 200 day simple moving average is $6.31. The company has a market capitalization of $1.16 billion, a PE ratio of -16.87 and a beta of 0.92. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.03 and a quick ratio of 3.87.

Insider Buying and Selling

In other news, insider David P. Rosenbaum sold 27,172 shares of Ardelyx stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $5.95, for a total transaction of $161,673.40. Following the completion of the transaction, the insider now directly owns 153,616 shares of the company’s stock, valued at $914,015.20. The trade was 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 other Ardelyx news, insider David P. Rosenbaum sold 27,172 shares of the stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $5.95, for a total transaction of $161,673.40. Following the transaction, the insider now owns 153,616 shares in the company, valued at approximately $914,015.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Raab sold 35,000 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $6,847,610.88. This trade represents 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 239,298 shares of company stock valued at $1,460,636 over the last ninety days. Company insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Ardelyx

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. World Equity Group Inc. lifted its stake in Ardelyx by 15.4% in the 2nd quarter. World Equity Group Inc. now owns 18,402 shares of the biopharmaceutical company’s stock valued at $136,000 after buying an additional 2,453 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Ardelyx by 1,026.3% in 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 in the last quarter. ProShare Advisors LLC boosted its stake in shares of Ardelyx by 8.9% in the first quarter. ProShare Advisors LLC now owns 57,729 shares of the biopharmaceutical company’s stock worth $421,000 after acquiring an additional 4,735 shares during the last quarter. Aigen Investment Management LP increased its position in shares of Ardelyx by 29.4% during the third quarter. Aigen Investment Management LP now owns 23,510 shares of the biopharmaceutical company’s stock worth $162,000 after purchasing an additional 5,346 shares in the last quarter. Finally, Values First Advisors Inc. raised its stake in Ardelyx by 14.6% in the 3rd quarter. Values First Advisors Inc. now owns 46,282 shares of the biopharmaceutical company’s stock valued at $319,000 after purchasing an additional 5,890 shares during the last quarter. 58.92% of the stock is owned by hedge funds and other institutional investors.

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.