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 stock was sold at an average price of $6.26, for a total value of $33,253.12. Following the transaction, the insider now directly owns 153,616 shares in the company, valued at approximately $961,636.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Ardelyx Trading Down 1.4 %

Shares of ARDX stock opened at $6.22 on Tuesday. The stock has a market cap of $1.45 billion, a P/E ratio of -22.21 and a beta of 0.90. Ardelyx, Inc. has a 1 year low of $3.16 and a 1 year high of $10.13. The company has a current ratio of 4.21, a quick ratio of 3.99 and a debt-to-equity ratio of 0.68. The stock has a 50 day simple moving average of $5.86 and a 200 day simple moving average of $6.73.

Ardelyx (NASDAQ:ARDX) last released its 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. Ardelyx had a negative return on equity of 39.73% and a negative net margin of 31.02%. The firm had revenue of $73.20 million during the quarter, compared to the consensus estimate of $55.03 million. During the same period in the prior year, the company posted ($0.08) EPS. The company’s revenue was up 228.3% compared to the same quarter last year. On average, research analysts predict that Ardelyx, Inc. will post -0.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ardelyx

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Ardelyx by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 13,391,855 shares of the biopharmaceutical company’s stock valued at $97,761,000 after purchasing an additional 365,809 shares during the last quarter. Eventide Asset Management LLC boosted its stake in Ardelyx by 152.5% in the fourth quarter. Eventide Asset Management LLC now owns 6,805,494 shares of the biopharmaceutical company’s stock valued at $42,194,000 after buying an additional 4,110,494 shares in the last quarter. Rubric Capital Management LP boosted its stake in Ardelyx by 60.5% in the fourth quarter. Rubric Capital Management LP now owns 4,012,753 shares of the biopharmaceutical company’s stock valued at $24,879,000 after buying an additional 1,512,753 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Ardelyx by 68.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,913,863 shares of the biopharmaceutical company’s stock valued at $28,572,000 after acquiring an additional 1,584,597 shares during the last quarter. Finally, Millennium Management LLC raised its stake in Ardelyx by 142.8% during the second quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock worth $23,735,000 after acquiring an additional 1,883,995 shares in the last quarter. 58.92% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on ARDX shares. HC Wainwright boosted their target price on Ardelyx from $10.00 to $11.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Ardelyx in a report on Thursday, June 20th. Wedbush restated an “outperform” rating and set a $11.00 target price on shares of Ardelyx in a research note on Friday, August 2nd. StockNews.com raised shares of Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Finally, Piper Sandler cut shares of Ardelyx from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $15.00 to $7.00 in a report on Tuesday, July 2nd. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Ardelyx presently has an average rating of “Moderate Buy” and a consensus target price 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.