Insider Selling: Ardelyx, Inc. (NASDAQ:ARDX) Insider Sells $342,982.88 in Stock

Ardelyx, Inc. (NASDAQ:ARDX) insider David P. Rosenbaum sold 49,564 shares of the business’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $6.92, for a total value of $342,982.88. Following the transaction, the insider now owns 301,946 shares of the company’s stock, valued at approximately $2,089,466.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Ardelyx Price Performance

Shares of ARDX stock opened at $6.66 on Friday. The stock’s 50-day moving average is $6.02 and its 200 day moving average is $6.54. Ardelyx, Inc. has a 1-year low of $3.16 and a 1-year high of $10.13. 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 company has a market cap of $1.55 billion, a P/E ratio of -23.79 and a beta of 0.90.

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, beating 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 net margin of 31.02% and a negative return on equity of 39.73%. The company’s revenue was up 228.3% compared to the same quarter last year. During the same period last year, the business earned ($0.08) EPS. Research analysts predict that Ardelyx, Inc. will post -0.26 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ARDX. Citigroup boosted their target price on shares of Ardelyx from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Piper Sandler downgraded shares of Ardelyx from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $15.00 to $7.00 in a research note on Tuesday, July 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Ardelyx in a research note on Thursday, June 20th. Wedbush reissued an “outperform” rating and set a $11.00 price target on shares of Ardelyx in a research report on Friday, August 2nd. Finally, StockNews.com upgraded Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. 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 company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $11.67.

Hedge Funds Weigh In On Ardelyx

A number of large investors have recently made changes to their positions in ARDX. Nisa Investment Advisors LLC grew its stake in Ardelyx by 1,026.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock worth $26,000 after buying an additional 3,233 shares during the last quarter. HighMark Wealth Management LLC purchased a new stake in shares of Ardelyx during the first quarter worth about $36,000. Redwood Wealth Management Group LLC acquired a new position in shares of Ardelyx during the second quarter valued at about $62,000. Coastal Bridge Advisors LLC purchased a new position in shares of Ardelyx in the 2nd quarter valued at approximately $74,000. Finally, Paloma Partners Management Co acquired a new stake in Ardelyx in the 1st quarter worth approximately $86,000. 58.92% of the stock is owned by institutional investors and hedge funds.

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.