Insider Selling: Ardelyx (NASDAQ:ARDX) CEO Sells 45,687 Shares of Stock

Key Points

• Michael Raab, CEO of Ardelyx, sold 45,687 shares of the company stock at an average price of $5.93, totaling approximately $270,923, resulting in a 2.95% decrease in his holdings.
• Ardelyx's stock is currently valued at $6.06, with a market capitalization of $1.46 billion and a P/E ratio of -26.35.
• Analyst ratings on Ardelyx include one Strong Buy, eight Buy, and one Hold, with an average price target of $11.50.

Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report) CEO Michael Raab sold 45,687 shares of the stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $5.93, for a total value of $270,923.91. Following the completion of the transaction, the chief executive officer directly owned 1,502,250 shares in the company, valued at $8,908,342.50. This trade represents a 2.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Ardelyx Stock Down 0.8%

NASDAQ:ARDX traded down $0.05 during trading hours on Monday, hitting $6.06. The company's stock had a trading volume of 2,878,433 shares, compared to its average volume of 4,696,685. The stock has a market capitalization of $1.46 billion, a P/E ratio of -26.35 and a beta of 0.68. The stock has a fifty day moving average of $4.63 and a 200-day moving average of $4.66. The company has a current ratio of 4.30, a quick ratio of 4.03 and a debt-to-equity ratio of 1.44. Ardelyx, Inc. has a 52-week low of $3.21 and a 52-week high of $7.18.

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

Wall Street Analyst Weigh In

Several brokerages have issued reports on ARDX. Piper Sandler raised their price objective on Ardelyx from $8.00 to $9.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th. Citigroup lowered their price target on Ardelyx from $11.00 to $10.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Raymond James Financial reissued an "outperform" rating and set a $12.00 price target (up previously from $11.00) on shares of Ardelyx in a report on Tuesday, August 5th. HC Wainwright started coverage on Ardelyx in a report on Wednesday, June 18th. They set a "buy" rating and a $10.00 price target on the stock. Finally, UBS Group set a $12.00 price target on Ardelyx in a report on Tuesday, August 5th. One 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 data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $11.50.

Institutional Investors Weigh In On Ardelyx

Hedge funds have recently added to or reduced their stakes in the company. Two Sigma Advisers LP raised its holdings in Ardelyx by 206.7% during the fourth quarter. Two Sigma Advisers LP now owns 593,700 shares of the biopharmaceutical company's stock worth $3,010,000 after purchasing an additional 400,100 shares during the last quarter. SG Americas Securities LLC raised its holdings in Ardelyx by 203.1% during the first quarter. SG Americas Securities LLC now owns 166,343 shares of the biopharmaceutical company's stock worth $817,000 after purchasing an additional 111,457 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Ardelyx by 32.6% during 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 purchasing an additional 142,294 shares during the last quarter. Janus Henderson Group PLC raised its holdings in Ardelyx by 13.3% during the fourth quarter. Janus Henderson Group PLC now owns 24,387,941 shares of the biopharmaceutical company's stock worth $123,587,000 after purchasing an additional 2,858,061 shares during the last quarter. Finally, Merit Financial Group LLC acquired a new position in Ardelyx during the first quarter worth $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.

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