Ardelyx, Inc. (NASDAQ:ARDX) CEO Michael Raab Sells 7,500 Shares

Ardelyx, Inc. (NASDAQ:ARDX) CEO Michael Raab sold 7,500 shares of the business’s stock in a transaction on Monday, April 15th. The stock was 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 directly owns 1,310,933 shares of the company’s stock, valued at $9,255,186.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Monday, April 1st, Michael Raab sold 1,518 shares of Ardelyx stock. The stock was sold at an average price of $7.31, for a total value 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 value of $200,523.75.

Ardelyx Stock Performance

Shares of ARDX opened at $6.55 on Thursday. The company has a 50-day simple moving average of $8.25 and a two-hundred day simple moving average of $6.57. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.88 and a quick ratio of 4.64. The firm has a market capitalization of $1.52 billion, a PE ratio of -21.83 and a beta of 0.85. Ardelyx, Inc. has a one year low of $3.16 and a one year high of $10.13.

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

Hedge Funds Weigh In On Ardelyx

Several institutional investors and hedge funds have recently added to or reduced their stakes in ARDX. State Street Corp increased its stake in shares of Ardelyx by 2,227.1% in the 1st quarter. State Street Corp now owns 15,203,116 shares of the biopharmaceutical company’s stock worth $72,823,000 after acquiring an additional 14,549,803 shares in the last quarter. BlackRock Inc. increased its stake in shares of Ardelyx by 278.7% during the second quarter. BlackRock Inc. now owns 14,030,392 shares of the biopharmaceutical company’s stock valued at $47,563,000 after purchasing an additional 10,325,699 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Ardelyx during the second quarter valued at approximately $2,950,000. Eventide Asset Management LLC boosted its position in shares of Ardelyx by 152.5% in the 4th quarter. Eventide Asset Management LLC now owns 6,805,494 shares of the biopharmaceutical company’s stock worth $42,194,000 after purchasing an additional 4,110,494 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in shares of Ardelyx by 597.7% in the 1st quarter. Renaissance Technologies LLC now owns 3,137,693 shares of the biopharmaceutical company’s stock worth $15,030,000 after buying an additional 2,688,000 shares during the last quarter. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ARDX shares. SVB Leerink began coverage on Ardelyx in a research note on Friday, April 5th. They set an “outperform” rating and a $14.00 price objective for the company. StockNews.com cut shares of Ardelyx from a “hold” rating to a “sell” rating in a research report on Monday, February 26th. Cantor Fitzgerald restated an “overweight” rating on shares of Ardelyx in a research report on Friday, January 12th. Wedbush upped their price objective on shares of Ardelyx from $13.00 to $14.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Piper Sandler raised their target price on Ardelyx from $12.00 to $15.00 and gave the stock an “overweight” rating in a research note on Friday, February 23rd. One analyst has rated the stock with a sell rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Ardelyx has a consensus rating of “Moderate Buy” and an average 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.