Ardelyx (NASDAQ:ARDX) Insider Sells $34,637.13 in Stock

Key Points

• Ardelyx insider Elizabeth Grammer sold $34,637.13 worth of stock, reducing her holdings by 1.87% to approximately $1.81 million.
• The company's stock price decreased by 0.8% to $6.06, while trading volume was below average at around 2.88 million shares.
• Ardelyx reported $97.66 million in quarterly revenue, surpassing analysts' estimates, leading to a consensus buy rating with an average target price of $11.50.

Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report) insider Elizabeth Grammer sold 5,841 shares of the business's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $5.93, for a total transaction of $34,637.13. Following the completion of the sale, the insider owned 305,890 shares of the company's stock, valued at approximately $1,813,927.70. This represents a 1.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Ardelyx Stock Down 0.8%

Shares of NASDAQ ARDX traded down $0.05 during trading hours on Monday, hitting $6.06. 2,878,433 shares of the stock were exchanged, compared to its average volume of 4,696,685. The company has a quick ratio of 4.03, a current ratio of 4.30 and a debt-to-equity ratio of 1.44. The company has a market cap of $1.46 billion, a PE ratio of -26.35 and a beta of 0.68. The firm has a fifty day moving average price of $4.63 and a 200-day moving average price of $4.66. Ardelyx, Inc. has a 12 month low of $3.21 and a 12 month high of $7.18.

Ardelyx (NASDAQ:ARDX - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The biopharmaceutical company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.05. The firm had revenue of $97.66 million during the quarter, compared to analyst estimates of $82.69 million. Ardelyx had a negative net margin of 14.60% and a negative return on equity of 36.57%. Ardelyx's revenue was up 23.0% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.07) EPS. On average, sell-side analysts expect that Ardelyx, Inc. will post -0.18 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on ARDX shares. Piper Sandler boosted their price objective on shares of Ardelyx from $8.00 to $9.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 6th. Wall Street Zen upgraded shares of Ardelyx from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Raymond James Financial reiterated an "outperform" rating and set a $12.00 price objective (up previously from $11.00) on shares of Ardelyx in a research note on Tuesday, August 5th. Citigroup reduced their price objective on shares of Ardelyx from $11.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Finally, Wedbush reissued an "outperform" rating and set a $14.00 target price (up previously from $13.00) on shares of Ardelyx in a research report on Tuesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $11.50.

Institutional Trading of Ardelyx

Hedge funds and other institutional investors have recently made changes to their positions in the business. Two Sigma Advisers LP increased its stake in shares of Ardelyx by 206.7% in the fourth quarter. Two Sigma Advisers LP now owns 593,700 shares of the biopharmaceutical company's stock worth $3,010,000 after acquiring an additional 400,100 shares during the period. SG Americas Securities LLC increased its stake in shares of Ardelyx by 203.1% in the first quarter. SG Americas Securities LLC now owns 166,343 shares of the biopharmaceutical company's stock worth $817,000 after acquiring an additional 111,457 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Ardelyx by 32.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 578,256 shares of the biopharmaceutical company's stock worth $2,932,000 after acquiring an additional 142,294 shares during the period. Janus Henderson Group PLC raised its stake in shares of Ardelyx by 13.3% during the 4th quarter. Janus Henderson Group PLC now owns 24,387,941 shares of the biopharmaceutical company's stock valued at $123,587,000 after buying an additional 2,858,061 shares during the last quarter. Finally, Merit Financial Group LLC acquired a new position in shares of Ardelyx in the 1st quarter valued at about $75,000. Institutional investors and hedge funds own 58.92% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.