Ardelyx (NASDAQ:ARDX) Trading Up 4%

Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report)'s stock price traded up 4% during trading on Tuesday . The stock traded as high as $6.74 and last traded at $6.72. 1,192,480 shares were traded during mid-day trading, a decline of 80% from the average session volume of 5,967,526 shares. The stock had previously closed at $6.46.

Analyst Ratings Changes

Several equities research analysts have weighed in on ARDX shares. StockNews.com downgraded Ardelyx from a "hold" rating to a "sell" rating in a report on Monday, February 26th. Piper Sandler raised their target price on shares of Ardelyx from $12.00 to $15.00 and gave the company an "overweight" rating in a report on Friday, February 23rd. SVB Leerink initiated coverage on shares of Ardelyx in a report on Friday, April 5th. They issued an "outperform" rating and a $14.00 price objective on the stock. Raymond James increased their target price on Ardelyx from $12.00 to $15.00 and gave the company a "strong-buy" rating in a report on Tuesday, January 9th. Finally, Citigroup lifted their price target on Ardelyx from $9.00 to $14.00 and gave the stock a "buy" rating in a report on Wednesday, January 10th. One analyst has rated the stock with a sell rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $12.69.

Ardelyx Price Performance

The firm's 50 day simple moving average is $7.80 and its 200-day simple moving average is $6.73. The company has a quick ratio of 4.64, a current ratio of 4.88 and a debt-to-equity ratio of 0.30.

Ardelyx (NASDAQ:ARDX - Get Free Report) last released its quarterly earnings results on Thursday, February 22nd. The biopharmaceutical company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.03). Ardelyx had a negative return on equity of 43.57% and a negative net margin of 53.08%. The firm had revenue of $34.36 million for the quarter, compared to analysts' expectations of $34.26 million. During the same quarter in the prior year, the business earned $0.06 EPS. The company's quarterly revenue was down 22.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Ardelyx, Inc. will post -0.44 EPS for the current fiscal year.

Insider Activity at Ardelyx

In other news, insider Robert Blanks sold 5,017 shares of the company's stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $8.75, for a total value of $43,898.75. Following the completion of the sale, the insider now directly owns 368,186 shares of the company's stock, valued at $3,221,627.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Michael Raab sold 7,500 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $7.06, for a total transaction of $52,950.00. Following the completion of the sale, the chief executive officer now directly owns 1,310,933 shares of the company's stock, valued at $9,255,186.98. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Robert Blanks sold 5,017 shares of Ardelyx stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $8.75, for a total transaction of $43,898.75. Following the completion of the sale, the insider now directly owns 368,186 shares in the company, valued at approximately $3,221,627.50. The disclosure for this sale can be found here. Insiders sold a total of 148,820 shares of company stock worth $1,208,524 in the last 90 days. 5.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Ardelyx

A number of hedge funds have recently added to or reduced their stakes in the company. GSA Capital Partners LLP boosted its position in shares of Ardelyx by 1,183.6% during the 3rd quarter. GSA Capital Partners LLP now owns 549,695 shares of the biopharmaceutical company's stock worth $2,243,000 after purchasing an additional 506,872 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in Ardelyx during the third quarter worth about $320,000. Charles Schwab Investment Management Inc. grew its position in Ardelyx by 185.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,666,267 shares of the biopharmaceutical company's stock worth $6,798,000 after buying an additional 1,082,554 shares during the period. Vanguard Group Inc. increased its holdings in Ardelyx by 0.9% in the third quarter. Vanguard Group Inc. now owns 11,565,800 shares of the biopharmaceutical company's stock valued at $47,188,000 after buying an additional 97,951 shares in the last quarter. Finally, TD Asset Management Inc increased its holdings in Ardelyx by 100.0% in the third quarter. TD Asset Management Inc now owns 273,600 shares of the biopharmaceutical company's stock valued at $1,116,000 after buying an additional 136,800 shares in the last quarter. Institutional investors and hedge funds 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.