Ardelyx Sees Unusually High Options Volume (NASDAQ:ARDX)

Ardelyx, Inc. (NASDAQ:ARDX) was the target of unusually large options trading on Wednesday. Investors purchased 6,070 call options on the company. This is an increase of 309% compared to the typical daily volume of 1,483 call options.

Ardelyx Stock Down 4.7%

ARDX stock traded down $0.28 during midday trading on Wednesday, hitting $5.54. The company’s stock had a trading volume of 856,741 shares, compared to its average volume of 4,413,907. The company has a debt-to-equity ratio of 1.44, a current ratio of 4.30 and a quick ratio of 4.03. The company’s fifty day moving average price is $5.62 and its 200 day moving average price is $4.93. The stock has a market capitalization of $1.34 billion, a P/E ratio of -24.06 and a beta of 0.66. Ardelyx has a twelve month low of $3.21 and a twelve month high of $6.78.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings data on Thursday, October 30th. The biopharmaceutical company reported $0.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.06. Ardelyx had a negative return on equity of 36.57% and a negative net margin of 14.60%.The company had revenue of $110.33 million during the quarter, compared to analysts’ expectations of $100.44 million. Ardelyx’s revenue was up 14.6% on a year-over-year basis. As a group, equities research analysts predict that Ardelyx will post -0.18 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on ARDX. Wedbush restated an “outperform” rating and set a $14.00 price objective (up previously from $13.00) on shares of Ardelyx in a report on Tuesday, August 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Ardelyx in a report on Wednesday, October 8th. Cowen reiterated a “buy” rating on shares of Ardelyx in a report on Friday, October 31st. Raymond James Financial assumed coverage on Ardelyx in a research report on Wednesday, September 3rd. They set a “strong-buy” rating and a $14.00 target price on the stock. Finally, Piper Sandler lifted their price objective on Ardelyx from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Tuesday, November 4th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $11.73.

Insider Activity at Ardelyx

In other news, insider Elizabeth A. Grammer sold 5,841 shares of the company’s stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $5.93, for a total value of $34,637.13. Following the sale, the insider owned 305,890 shares in the company, valued at approximately $1,813,927.70. This represents a 1.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Justin A. Renz sold 7,037 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 $41,729.41. Following the sale, the chief financial officer directly owned 409,052 shares of the company’s stock, valued at approximately $2,425,678.36. This represents a 1.69% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 165,551 shares of company stock worth $996,917. 4.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Harbor Capital Advisors Inc. raised its holdings in shares of Ardelyx by 79.6% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 233,248 shares of the biopharmaceutical company’s stock valued at $914,000 after acquiring an additional 103,385 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Ardelyx by 188.5% in the first quarter. AQR Capital Management LLC now owns 1,573,063 shares of the biopharmaceutical company’s stock worth $7,724,000 after purchasing an additional 1,027,814 shares during the last quarter. Millennium Management LLC boosted its holdings in Ardelyx by 118.2% in the first quarter. Millennium Management LLC now owns 6,465,262 shares of the biopharmaceutical company’s stock valued at $31,744,000 after acquiring an additional 3,501,782 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Ardelyx during the first quarter valued at about $673,000. Finally, Panagora Asset Management Inc. boosted its position in Ardelyx by 52.8% during the 1st quarter. Panagora Asset Management Inc. now owns 682,231 shares of the biopharmaceutical company’s stock valued at $3,350,000 after acquiring an additional 235,804 shares in the last quarter. 58.92% of the stock is owned by institutional investors and hedge funds.

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.