Ardelyx, Inc. (NASDAQ:ARDX) CEO Sells $52,950.00 in Stock

Ardelyx, Inc. (NASDAQ:ARDX) CEO Michael Raab sold 7,500 shares of Ardelyx stock in a transaction on Monday, April 15th. The shares were sold at an average price of $7.06, for a total transaction of $52,950.00. Following the completion of the sale, the chief executive officer now owns 1,310,933 shares in the company, valued at approximately $9,255,186.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Monday, April 1st, Michael Raab sold 1,518 shares of Ardelyx stock. The shares were sold at an average price of $7.31, for a total transaction of $11,096.58.
• On Tuesday, February 20th, Michael Raab sold 22,917 shares of Ardelyx stock. The shares were sold at an average price of $8.75, for a total transaction of $200,523.75.

Ardelyx Stock Performance

Shares of Ardelyx stock opened at $6.48 on Friday. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of -21.60 and a beta of 0.85. The firm’s 50-day moving average is $8.13 and its 200 day moving average is $6.59. Ardelyx, Inc. has a 1 year low of $3.16 and a 1 year high of $10.13. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.88 and a quick ratio of 4.64.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings results on Thursday, February 22nd. The biopharmaceutical company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). Ardelyx had a negative return on equity of 43.57% and a negative net margin of 53.08%. The firm had revenue of $34.36 million during the quarter, compared to the consensus estimate of $34.26 million. During the same quarter in the previous year, the firm earned $0.06 EPS. The business’s revenue for the quarter was down 22.2% on a year-over-year basis. Sell-side analysts anticipate that Ardelyx, Inc. will post -0.44 EPS for the current fiscal year.

Hedge Funds Weigh In On Ardelyx

A number of hedge funds have recently bought and sold shares of ARDX. Bank of New York Mellon Corp raised its position in Ardelyx by 81.1% in the 1st quarter. Bank of New York Mellon Corp now owns 549,816 shares of the biopharmaceutical company’s stock worth $588,000 after buying an additional 246,147 shares during the last quarter. BlackRock Inc. raised its position in Ardelyx by 1.3% in the 1st quarter. BlackRock Inc. now owns 5,700,576 shares of the biopharmaceutical company’s stock worth $6,100,000 after buying an additional 71,592 shares during the last quarter. State Street Corp raised its position in Ardelyx by 7.0% in the 1st quarter. State Street Corp now owns 2,127,557 shares of the biopharmaceutical company’s stock worth $2,276,000 after buying an additional 139,484 shares during the last quarter. Mirabella Financial Services LLP purchased a new position in Ardelyx in the 1st quarter worth about $51,000. Finally, Worth Venture Partners LLC raised its position in Ardelyx by 39.4% in the 1st quarter. Worth Venture Partners LLC now owns 768,036 shares of the biopharmaceutical company’s stock worth $822,000 after buying an additional 217,061 shares during the last quarter. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Analyst Upgrades and Downgrades

ARDX has been the topic of a number of research reports. Piper Sandler boosted their target price on shares of Ardelyx from $12.00 to $15.00 and gave the company an “overweight” rating in a report on Friday, February 23rd. Leerink Partnrs restated an “outperform” rating on shares of Ardelyx in a report on Friday, April 5th. Cantor Fitzgerald restated an “overweight” rating on shares of Ardelyx in a report on Friday, January 12th. Wedbush boosted their target price on shares of Ardelyx from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, SVB Leerink initiated coverage on shares of Ardelyx in a report on Friday, April 5th. They set an “outperform” rating and a $14.00 target price on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $12.69.

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.