Ardelyx, Inc. (NASDAQ:ARDX) Director Purchases $738,000.00 in Stock

Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report) Director David M. Mott bought 200,000 shares of the business's stock in a transaction dated Monday, June 9th. The shares were acquired at an average cost of $3.69 per share, with a total value of $738,000.00. Following the completion of the purchase, the director now owns 2,696,871 shares in the company, valued at approximately $9,951,453.99. This represents a 8.01% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Ardelyx Trading Up 0.5%

Shares of ARDX stock traded up $0.02 during mid-day trading on Thursday, hitting $3.72. 6,857,988 shares of the company's stock were exchanged, compared to its average volume of 4,514,812. Ardelyx, Inc. has a fifty-two week low of $3.21 and a fifty-two week high of $8.06. The stock has a 50-day simple moving average of $4.21 and a two-hundred day simple moving average of $4.92. The company has a quick ratio of 4.31, a current ratio of 4.58 and a debt-to-equity ratio of 0.87. The stock has a market cap of $890.03 million, a price-to-earnings ratio of -23.25 and a beta of 0.59.

Ardelyx (NASDAQ:ARDX - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The biopharmaceutical company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.07). Ardelyx had a negative return on equity of 24.87% and a negative net margin of 11.73%. The business had revenue of $74.11 million for the quarter, compared to analyst estimates of $79.40 million. During the same quarter last year, the business earned ($0.11) EPS. Ardelyx's revenue for the quarter was up 61.1% compared to the same quarter last year. Equities analysts expect that Ardelyx, Inc. will post -0.18 EPS for the current fiscal year.

Institutional Investors Weigh In On Ardelyx

Several hedge funds have recently made changes to their positions in the business. Millennium Management LLC boosted its holdings in Ardelyx by 118.2% in the first quarter. Millennium Management LLC now owns 6,465,262 shares of the biopharmaceutical company's stock valued at $31,744,000 after acquiring an additional 3,501,782 shares during the last quarter. Nuveen LLC acquired a new position in Ardelyx in the first quarter valued at $16,735,000. Janus Henderson Group PLC boosted its holdings in Ardelyx by 13.3% in the fourth quarter. Janus Henderson Group PLC now owns 24,387,941 shares of the biopharmaceutical company's stock valued at $123,587,000 after acquiring an additional 2,858,061 shares during the last quarter. Two Seas Capital LP acquired a new position in Ardelyx in the fourth quarter valued at $9,407,000. Finally, Rock Springs Capital Management LP acquired a new position in Ardelyx in the fourth quarter valued at $7,421,000. Institutional investors and hedge funds own 58.92% of the company's stock.

Analyst Ratings Changes

ARDX has been the subject of several recent research reports. Raymond James downgraded Ardelyx from a "strong-buy" rating to an "outperform" rating and set a $11.00 price target for the company. in a research report on Friday, May 2nd. Wall Street Zen lowered Ardelyx from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. LADENBURG THALM/SH SH reaffirmed a "buy" rating and set a $11.00 price objective on shares of Ardelyx in a research note on Friday, March 7th. Piper Sandler raised Ardelyx to a "hold" rating in a research note on Wednesday, March 12th. Finally, HC Wainwright reaffirmed a "neutral" rating and set a $5.50 price objective on shares of Ardelyx in a research note on Friday, February 21st. One research analyst has rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $10.39.

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.