Ardelyx (NASDAQ:ARDX) Shares Gap Up After Insider Buying Activity

Ardelyx, Inc. (NASDAQ:ARDX)’s stock price gapped up before the market opened on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $4.58, but opened at $4.83. Ardelyx shares last traded at $4.74, with a volume of 1,033,115 shares traded.

Specifically, Director David M. Mott acquired 213,300 shares of Ardelyx stock in a transaction dated Thursday, December 19th. The shares were purchased at an average cost of $4.67 per share, for a total transaction of $996,111.00. Following the transaction, the director now owns 1,638,765 shares of the company’s stock, valued at $7,653,032.55. This trade represents a 14.96 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Citigroup lowered their price objective 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. HC Wainwright lowered shares of Ardelyx from a “buy” rating to a “neutral” rating and cut their price target for the company from $11.00 to $5.50 in a research report on Monday, November 11th. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $10.42.

Ardelyx Stock Performance

The business’s fifty day simple moving average is $5.39 and its 200-day simple moving average is $5.80. The firm has a market cap of $1.10 billion, a P/E ratio of -15.47 and a beta of 0.83. The company has a current ratio of 4.03, a quick ratio of 3.87 and a debt-to-equity ratio of 0.64.

Institutional Trading of Ardelyx

Large investors have recently modified their holdings of the business. Millennium Management LLC raised its position in Ardelyx by 142.8% during the 2nd quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock valued at $23,735,000 after purchasing an additional 1,883,995 shares during the last quarter. Rubric Capital Management LP raised its holdings in shares of Ardelyx by 68.5% during the third quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company’s stock valued at $21,085,000 after acquiring an additional 1,243,606 shares in the last quarter. Eventide Asset Management LLC raised its holdings in shares of Ardelyx by 11.2% during 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 acquiring an additional 746,067 shares in the last quarter. Vestal Point Capital LP purchased a new stake in Ardelyx in the third quarter worth $3,445,000. Finally, Squarepoint Ops LLC boosted its holdings in Ardelyx by 375.9% in the second quarter. Squarepoint Ops LLC now owns 460,689 shares of the biopharmaceutical company’s stock valued at $3,414,000 after acquiring an additional 363,894 shares in the last quarter. 58.92% of the stock is owned by institutional investors.

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.