Ardelyx (NASDAQ:ARDX) Trading 5.8% Higher – What’s Next?

Ardelyx, Inc. (NASDAQ:ARDX) shares rose 5.8% during mid-day trading on Tuesday . The stock traded as high as $5.31 and last traded at $5.29. Approximately 2,172,234 shares changed hands during mid-day trading, a decline of 38% from the average daily volume of 3,498,500 shares. The stock had previously closed at $5.00.

Analyst Ratings Changes

Several analysts have recently commented on ARDX shares. HC Wainwright cut shares of Ardelyx from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $11.00 to $5.50 in a research note on Monday, November 11th. Citigroup reduced their price objective on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Finally, Jefferies Financial Group dropped their target price on Ardelyx from $11.00 to $8.00 and set a “buy” rating on the stock in a research report on Thursday, January 2nd. Three 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, the company has an average rating of “Moderate Buy” and a consensus target price of $10.07.

Ardelyx Price Performance

The firm has a market cap of $1.28 billion, a PE ratio of -18.07 and a beta of 0.85. The company has a current ratio of 4.03, a quick ratio of 3.87 and a debt-to-equity ratio of 0.64. The company has a 50 day moving average price of $5.25 and a 200 day moving average price of $5.72.

Insider Buying and Selling

In related news, insider David P. Rosenbaum sold 27,172 shares of the stock in a transaction 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 sale, the insider now owns 153,616 shares of the company’s stock, valued at $914,015.20. This trade represents a 15.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Raab sold 25,000 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $5.91, for a total transaction of $147,750.00. Following the completion of the transaction, the chief executive officer now directly owns 1,210,108 shares of the company’s stock, valued at $7,151,738.28. The trade was a 2.02 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 184,192 shares of company stock valued at $1,013,345. 5.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Ardelyx

A number of hedge funds and other institutional investors have recently modified their holdings of ARDX. Redwood Wealth Management Group LLC purchased a new stake in Ardelyx in the 2nd quarter worth approximately $62,000. Coastal Bridge Advisors LLC purchased a new stake in shares of Ardelyx in the second quarter valued at $74,000. Helen Stephens Group LLC purchased a new stake in shares of Ardelyx in the third quarter valued at $76,000. CWM LLC increased its stake in Ardelyx by 328.1% in the third quarter. CWM LLC now owns 12,814 shares of the biopharmaceutical company’s stock valued at $88,000 after purchasing an additional 9,821 shares during the last quarter. Finally, Algert Global LLC purchased a new position in Ardelyx during the second quarter worth about $174,000. 58.92% of the stock is currently 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.