Michael Raab Sells 31,980 Shares of Ardelyx, Inc. (NASDAQ:ARDX) Stock

Ardelyx, Inc. (NASDAQ:ARDX) CEO Michael Raab sold 31,980 shares of Ardelyx stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $4.79, for a total transaction of $153,184.20. Following the completion of the transaction, the chief executive officer now directly owns 1,175,385 shares in the company, valued at $5,630,094.15. This represents a 2.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Michael Raab also recently made the following trade(s):

• On Monday, November 11th, Michael Raab sold 2,743 shares of Ardelyx stock. The stock was sold at an average price of $4.90, for a total transaction of $13,440.70.
• On Monday, October 28th, Michael Raab sold 25,000 shares of Ardelyx stock. The stock was sold at an average price of $5.91, for a total transaction of $147,750.00.
• On Friday, October 11th, Michael Raab sold 7,500 shares of Ardelyx stock. The stock was sold at an average price of $6.01, for a total transaction of $45,075.00.
• On Thursday, September 26th, Michael Raab sold 3,000 shares of Ardelyx stock. The stock was sold at an average price of $6.07, for a total transaction of $18,210.00.
• On Wednesday, September 11th, Michael Raab sold 35,000 shares of Ardelyx stock. The stock was sold at an average price of $5.61, for a total transaction of $196,350.00.
• On Tuesday, August 27th, Michael Raab sold 7,500 shares of Ardelyx stock. The stock was sold at an average price of $6.22, for a total transaction of $46,650.00.

Ardelyx Price Performance

Shares of ARDX opened at $5.31 on Friday. The firm has a market cap of $1.26 billion, a PE ratio of -17.70 and a beta of 0.92. The firm’s 50 day moving average price is $5.84 and its 200 day moving average price is $6.16. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.87 and a current ratio of 4.03. Ardelyx, Inc. has a twelve month low of $4.06 and a twelve month high of $10.13.

Hedge Funds Weigh In On Ardelyx

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ARDX. Geode Capital Management LLC raised its position in shares of Ardelyx by 0.3% in the third quarter. Geode Capital Management LLC now owns 5,487,742 shares of the biopharmaceutical company’s stock valued at $37,818,000 after purchasing an additional 17,296 shares during the period. Barclays PLC raised its position in shares of Ardelyx by 24.9% in the third quarter. Barclays PLC now owns 547,325 shares of the biopharmaceutical company’s stock valued at $3,770,000 after purchasing an additional 109,285 shares during the period. State Street Corp raised its position in shares of Ardelyx by 1.5% in the third quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company’s stock valued at $83,657,000 after purchasing an additional 176,789 shares during the period. Parallax Volatility Advisers L.P. bought a new position in shares of Ardelyx in the third quarter valued at approximately $506,000. Finally, Eventide Asset Management LLC raised its position in shares of Ardelyx by 11.2% in the third quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company’s stock valued at $51,076,000 after purchasing an additional 746,067 shares during the period. Institutional investors own 58.92% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Wedbush restated an “outperform” rating and set a $11.00 price target on shares of Ardelyx in a report on Friday, August 2nd. StockNews.com upgraded shares of Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. HC Wainwright cut shares of Ardelyx from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $11.00 to $5.50 in a report on Monday, November 11th. Finally, Citigroup decreased their price target on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a report on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Ardelyx has an average rating of “Moderate Buy” and a consensus price target of $10.42.

Ardelyx Company Profile

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.