Ardelyx Target of Unusually Large Options Trading (NASDAQ:ARDX)

Ardelyx, Inc. (NASDAQ:ARDX) was the recipient of unusually large options trading activity on Friday. Stock investors bought 18,613 call options on the stock. This represents an increase of 219% compared to the average volume of 5,838 call options.

Ardelyx Stock Up 28.4 %

Shares of ARDX stock opened at $8.72 on Friday. Ardelyx has a 12 month low of $3.16 and a 12 month high of $10.13. The firm has a market cap of $2.04 billion, a PE ratio of -31.14 and a beta of 0.87. The stock has a 50 day moving average of $7.67 and a 200-day moving average of $6.81. The company has a quick ratio of 4.64, a current ratio of 4.88 and a debt-to-equity ratio of 0.30.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings data on Thursday, May 2nd. The biopharmaceutical company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. The business had revenue of $46.00 million for the quarter, compared to analysts’ expectations of $36.40 million. Ardelyx had a negative return on equity of 41.03% and a negative net margin of 41.36%. Ardelyx’s quarterly revenue was up 303.5% on a year-over-year basis. During the same period in the previous year, the business posted ($0.13) earnings per share. On average, equities analysts predict that Ardelyx will post -0.44 EPS for the current year.

Insiders Place Their Bets

In related news, insider David P. Rosenbaum sold 15,344 shares of Ardelyx stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $9.18, for a total value of $140,857.92. Following the transaction, the insider now owns 384,002 shares of the company’s stock, valued at approximately $3,525,138.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Ardelyx news, CEO Michael Raab sold 30,000 shares of Ardelyx stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $6.40, for a total transaction of $192,000.00. Following the transaction, the chief executive officer now owns 1,310,933 shares of the company’s stock, valued at approximately $8,389,971.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider David P. Rosenbaum sold 15,344 shares of Ardelyx stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $9.18, for a total value of $140,857.92. Following the transaction, the insider now directly owns 384,002 shares in the company, valued at approximately $3,525,138.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 178,820 shares of company stock worth $1,400,524. 5.50% of the stock is owned by corporate insiders.

Institutional Trading of Ardelyx

A number of large investors have recently bought and sold shares of the stock. Principal Financial Group Inc. grew its position in Ardelyx by 347.4% in the first quarter. Principal Financial Group Inc. now owns 122,811 shares of the biopharmaceutical company’s stock valued at $897,000 after acquiring an additional 95,361 shares during the period. China Universal Asset Management Co. Ltd. grew its holdings in shares of Ardelyx by 66.7% during the first quarter. China Universal Asset Management Co. Ltd. now owns 44,754 shares of the biopharmaceutical company’s stock worth $327,000 after purchasing an additional 17,903 shares during the last quarter. HighMark Wealth Management LLC bought a new stake in shares of Ardelyx during the first quarter worth $36,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Ardelyx during the first quarter worth $64,000. Finally, Hennion & Walsh Asset Management Inc. grew its holdings in shares of Ardelyx by 37.2% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 438,827 shares of the biopharmaceutical company’s stock worth $3,203,000 after purchasing an additional 118,879 shares during the last quarter. 58.92% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Ardelyx in a research note on Friday, January 12th. Piper Sandler lifted their price target on Ardelyx from $12.00 to $15.00 and gave the company an “overweight” rating in a report on Friday, February 23rd. StockNews.com lowered Ardelyx from a “hold” rating to a “sell” rating in a report on Monday, February 26th. Raymond James lifted their price target on Ardelyx from $12.00 to $15.00 and gave the company a “strong-buy” rating in a report on Tuesday, January 9th. Finally, Citigroup lifted their price target on Ardelyx from $13.00 to $14.00 and gave the company a “buy” rating in a report on Friday. One research analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Ardelyx presently has an average rating of “Moderate Buy” and an average target price of $12.81.

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.