Insider Selling: Ardelyx, Inc. (NASDAQ:ARDX) CEO Sells 3,000 Shares of Stock

Ardelyx, Inc. (NASDAQ:ARDX) CEO Michael Raab sold 3,000 shares of Ardelyx stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $6.07, for a total value of $18,210.00. Following the completion of the sale, the chief executive officer now directly owns 1,217,608 shares of the company’s stock, valued at approximately $7,390,880.56. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

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

• 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 value 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 value of $46,650.00.
• On Tuesday, August 20th, Michael Raab sold 32,225 shares of Ardelyx stock. The stock was sold at an average price of $5.86, for a total value of $188,838.50.
• On Monday, August 12th, Michael Raab sold 1,229 shares of Ardelyx stock. The stock was sold at an average price of $5.71, for a total value of $7,017.59.
• On Monday, July 29th, Michael Raab sold 30,000 shares of Ardelyx stock. The shares were sold at an average price of $5.64, for a total value of $169,200.00.
• On Monday, July 15th, Michael Raab sold 7,500 shares of Ardelyx stock. The shares were sold at an average price of $5.97, for a total value of $44,775.00.

Ardelyx Stock Up 4.6 %

Shares of NASDAQ ARDX opened at $6.65 on Friday. Ardelyx, Inc. has a 12 month low of $3.16 and a 12 month 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 firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of -23.75 and a beta of 0.90. The business has a 50-day moving average of $5.93 and a 200-day moving average of $6.58.

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

Institutional Trading of Ardelyx

A number of hedge funds have recently bought and sold shares of ARDX. Nisa Investment Advisors LLC lifted its position in Ardelyx by 1,026.3% in 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 bought a new stake in Ardelyx in the 1st quarter worth approximately $36,000. Redwood Wealth Management Group LLC bought a new stake in Ardelyx in the 2nd quarter worth approximately $62,000. Jump Financial LLC bought a new stake in Ardelyx in the fourth quarter valued at approximately $63,000. Finally, Coastal Bridge Advisors LLC bought a new stake in Ardelyx in the second quarter valued at approximately $74,000. Institutional investors own 58.92% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ARDX. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Ardelyx in a report on Thursday, June 20th. StockNews.com raised Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Piper Sandler lowered Ardelyx from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $15.00 to $7.00 in a report on Tuesday, July 2nd. HC Wainwright lifted their target price on Ardelyx from $10.00 to $11.00 and gave the company a “buy” rating in a report on Monday, August 5th. Finally, Citigroup boosted their price objective on Ardelyx from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average 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.