Ardelyx (NASDAQ:ARDX) Trading 7.7% Higher - Here's What Happened

Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report) shares traded up 7.7% during mid-day trading on Monday . The stock traded as high as $4.00 and last traded at $3.97. 2,227,627 shares traded hands during trading, a decline of 50% from the average session volume of 4,477,288 shares. The stock had previously closed at $3.69.

Analysts Set New Price Targets

A number of brokerages recently commented on ARDX. Raymond James Financial lowered Ardelyx from a "strong-buy" rating to an "outperform" rating and set a $11.00 target price on the stock. in a research report on Friday, May 2nd. Citigroup dropped their target price on Ardelyx from $11.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. LADENBURG THALM/SH SH reiterated a "buy" rating and issued a $11.00 target price on shares of Ardelyx in a research report on Friday, March 7th. Piper Sandler upgraded Ardelyx to a "hold" rating in a research report on Wednesday, March 12th. Finally, Cantor Fitzgerald upgraded Ardelyx to a "strong-buy" rating in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $10.89.

Ardelyx Trading Up 6.8%

The company has a current ratio of 4.12, a quick ratio of 3.81 and a debt-to-equity ratio of 1.04. The company has a 50-day simple moving average of $4.00 and a 200 day simple moving average of $4.76. The firm has a market cap of $942.68 million, a PE ratio of -17.91 and a beta of 0.60.

Ardelyx (NASDAQ:ARDX - Get Free Report) last announced its earnings results on Thursday, May 1st. The biopharmaceutical company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.07). Ardelyx had a negative net margin of 14.86% and a negative return on equity of 34.45%. The business had revenue of $74.11 million for the quarter, compared to analysts' expectations of $79.40 million. During the same quarter last year, the business earned ($0.11) EPS. The company's quarterly revenue was up 61.1% on a year-over-year basis. As a group, sell-side analysts forecast that Ardelyx, Inc. will post -0.18 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Mike Kelliher sold 14,522 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $4.08, for a total value of $59,249.76. Following the completion of the transaction, the insider now directly owns 282,158 shares of the company's stock, valued at approximately $1,151,204.64. This represents a 4.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David M. Mott acquired 100,000 shares of Ardelyx stock in a transaction that occurred on Thursday, May 15th. The stock was purchased at an average cost of $3.29 per share, with a total value of $329,000.00. Following the completion of the purchase, the director now owns 2,496,871 shares in the company, valued at $8,214,705.59. The trade was a 4.17% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 881,377 shares of company stock worth $3,402,411 and have sold 166,809 shares worth $708,914. Insiders own 4.80% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ARDX. Millennium Management LLC raised its stake in Ardelyx by 118.2% in the 1st quarter. Millennium Management LLC now owns 6,465,262 shares of the biopharmaceutical company's stock valued at $31,744,000 after purchasing an additional 3,501,782 shares during the last quarter. Nuveen LLC acquired a new position in Ardelyx in the 1st quarter valued at $16,735,000. Janus Henderson Group PLC raised its stake in Ardelyx by 13.3% in 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 purchasing an additional 2,858,061 shares during the last quarter. Two Seas Capital LP acquired a new position in Ardelyx in the 4th quarter valued at $9,407,000. Finally, Rock Springs Capital Management LP acquired a new position in Ardelyx in the 4th quarter valued at $7,421,000. 58.92% of the stock is owned by institutional investors and hedge funds.

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.

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