Ardelyx (NASDAQ:ARDX) Stock Price Down 7.1% - Here's Why

Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report)'s stock price was down 7.1% during mid-day trading on Friday . The company traded as low as $3.76 and last traded at $3.75. Approximately 2,355,284 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 4,433,565 shares. The stock had previously closed at $4.03.

Analyst Ratings Changes

A number of research analysts have recently issued reports on ARDX shares. Scotiabank initiated coverage on Ardelyx in a report on Friday, March 7th. They issued a "sector outperform" rating and a $15.00 price target on the stock. LADENBURG THALM/SH SH reissued a "buy" rating and issued a $11.00 price objective on shares of Ardelyx in a report on Friday, March 7th. BTIG Research began coverage on Ardelyx in a report on Tuesday, March 4th. They issued a "buy" rating and a $14.00 price target for the company. Cantor Fitzgerald raised Ardelyx to a "strong-buy" rating in a report on Tuesday, March 4th. Finally, Raymond James lowered Ardelyx from a "strong-buy" rating to an "outperform" rating and set a $11.00 price objective for the company. in a research note on Friday, May 2nd. One research analyst has rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $10.39.

Ardelyx Stock Down 7.7%

The company has a market capitalization of $890.03 million, a price-to-earnings ratio of -23.25 and a beta of 0.76. The company has a debt-to-equity ratio of 0.87, a current ratio of 4.58 and a quick ratio of 4.31. The business has a 50 day simple moving average of $4.39 and a 200 day simple moving average of $4.99.

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

Insiders Place Their Bets

In other news, Director David M. Mott acquired 100,000 shares of the company's stock in a transaction on Thursday, May 15th. The shares were bought at an average price of $3.29 per share, with a total value of $329,000.00. Following the completion of the acquisition, the director now owns 2,496,871 shares in the company, valued at $8,214,705.59. This trade represents a 4.17% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Raab sold 41,666 shares of the firm's stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $4.59, for a total value of $191,246.94. Following the transaction, the chief executive officer now directly owns 1,615,587 shares in the company, valued at approximately $7,415,544.33. The trade was a 2.51% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 208,477 shares of company stock valued at $932,254. 4.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ardelyx

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Ensign Peak Advisors Inc grew its holdings in shares of Ardelyx by 3.1% during the fourth quarter. Ensign Peak Advisors Inc now owns 73,950 shares of the biopharmaceutical company's stock worth $375,000 after buying an additional 2,200 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Ardelyx by 2.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 154,625 shares of the biopharmaceutical company's stock worth $788,000 after buying an additional 3,550 shares during the last quarter. Swiss National Bank grew its holdings in shares of Ardelyx by 1.0% during the fourth quarter. Swiss National Bank now owns 463,100 shares of the biopharmaceutical company's stock worth $2,348,000 after buying an additional 4,800 shares during the last quarter. Orion Portfolio Solutions LLC grew its holdings in shares of Ardelyx by 42.7% during the fourth quarter. Orion Portfolio Solutions LLC now owns 16,486 shares of the biopharmaceutical company's stock worth $84,000 after buying an additional 4,933 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its holdings in shares of Ardelyx by 10.9% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 50,222 shares of the biopharmaceutical company's stock worth $255,000 after buying an additional 4,942 shares during the last quarter. Hedge funds and other institutional investors own 58.92% of the company's stock.

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.