Ardelyx, Inc. (NASDAQ:ARDX) Short Interest Update

Ardelyx, Inc. (NASDAQ:ARDX) was the target of a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 24,060,000 shares, an increase of 5.1% from the October 15th total of 22,890,000 shares. Based on an average trading volume of 3,460,000 shares, the short-interest ratio is currently 7.0 days.

Ardelyx Stock Up 5.5 %

ARDX stock opened at $4.97 on Monday. The company has a market cap of $1.18 billion, a PE ratio of -16.57 and a beta of 0.92. The company has a quick ratio of 3.87, a current ratio of 4.03 and a debt-to-equity ratio of 0.64. Ardelyx has a 52 week low of $3.83 and a 52 week high of $10.13. The business has a 50-day simple moving average of $5.93 and a 200 day simple moving average of $6.24.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Wedbush reiterated an “outperform” rating and set a $11.00 price objective on shares of Ardelyx in a research report on Friday, August 2nd. HC Wainwright downgraded shares of Ardelyx from a “buy” rating to a “neutral” rating and decreased their price target for the company from $11.00 to $5.50 in a research note on Monday, November 11th. Citigroup lowered their price target on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Finally, StockNews.com raised shares of Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $10.42.

Insider Activity at Ardelyx

In related news, CEO Michael Raab sold 32,225 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $5.86, for a total value of $188,838.50. Following the transaction, the chief executive officer now owns 1,227,009 shares in the company, valued at approximately $7,190,272.74. This represents a 2.56 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David P. Rosenbaum sold 20,507 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $6.00, for a total transaction of $123,042.00. Following the sale, the insider now owns 158,502 shares of the company’s stock, valued at $951,012. This trade represents a 11.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 247,983 shares of company stock worth $1,514,002. Company insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Ardelyx

Several hedge funds and other institutional investors have recently made changes to their positions in ARDX. World Equity Group Inc. increased its stake in Ardelyx by 15.4% in the second quarter. World Equity Group Inc. now owns 18,402 shares of the biopharmaceutical company’s stock valued at $136,000 after acquiring an additional 2,453 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Ardelyx by 1,026.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock valued at $26,000 after purchasing an additional 3,233 shares in the last quarter. ProShare Advisors LLC boosted its holdings in shares of Ardelyx by 8.9% in the 1st quarter. ProShare Advisors LLC now owns 57,729 shares of the biopharmaceutical company’s stock valued at $421,000 after purchasing an additional 4,735 shares in the last quarter. Aigen Investment Management LP increased its stake in shares of Ardelyx by 29.4% in the 3rd quarter. Aigen Investment Management LP now owns 23,510 shares of the biopharmaceutical company’s stock valued at $162,000 after purchasing an additional 5,346 shares during the last quarter. Finally, Values First Advisors Inc. raised its holdings in shares of Ardelyx by 14.6% during the 3rd quarter. Values First Advisors Inc. now owns 46,282 shares of the biopharmaceutical company’s stock worth $319,000 after buying an additional 5,890 shares in the last quarter. 58.92% of the stock is currently owned by institutional investors and hedge funds.

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.