David P. Rosenbaum Sells 5,312 Shares of Ardelyx, Inc. (NASDAQ:ARDX) Stock

Ardelyx, Inc. (NASDAQ:ARDX) insider David P. Rosenbaum sold 5,312 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $6.26, for a total value of $33,253.12. Following the transaction, the insider now owns 153,616 shares of the company’s stock, valued at approximately $961,636.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Ardelyx Price Performance

ARDX opened at $5.90 on Thursday. The firm has a market capitalization of $1.37 billion, a PE ratio of -21.07 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 business’s 50-day moving average is $5.88 and its two-hundred day moving average is $6.70. Ardelyx, Inc. has a 1 year low of $3.16 and a 1 year high of $10.13.

Ardelyx (NASDAQ:ARDX) last announced its earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.04. Ardelyx had a negative return on equity of 39.73% and a negative net margin of 31.02%. The company had revenue of $73.20 million for the quarter, compared to analyst estimates of $55.03 million. During the same period in the prior year, the company posted ($0.08) EPS. The firm’s quarterly revenue was up 228.3% compared to the same quarter last year. Research analysts anticipate that Ardelyx, Inc. will post -0.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Nisa Investment Advisors LLC increased its position in shares of Ardelyx by 1,026.3% in the 2nd 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. HighMark Wealth Management LLC acquired a new stake in Ardelyx during the 1st quarter worth about $36,000. Redwood Wealth Management Group LLC purchased a new stake in Ardelyx during the 2nd quarter valued at about $62,000. Jump Financial LLC acquired a new position in shares of Ardelyx in the fourth quarter valued at about $63,000. Finally, Newbridge Financial Services Group Inc. purchased a new position in shares of Ardelyx in the first quarter worth about $64,000. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Analysts Set New Price Targets

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

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.