Insider Buying: Ardelyx, Inc. (NASDAQ:ARDX) Director Acquires $996,111.00 in Stock

Ardelyx, Inc. (NASDAQ:ARDX) Director David M. Mott bought 213,300 shares of the firm’s stock in a transaction on Thursday, December 19th. The shares were bought at an average cost of $4.67 per share, with a total value of $996,111.00. Following the purchase, the director now directly owns 1,638,765 shares in the company, valued at approximately $7,653,032.55. This trade represents a 14.96 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Ardelyx Price Performance

NASDAQ ARDX opened at $4.64 on Thursday. Ardelyx, Inc. has a fifty-two week low of $4.32 and a fifty-two week high of $10.13. The stock’s 50-day moving average is $5.39 and its two-hundred day moving average is $5.80. The firm has a market cap of $1.10 billion, a P/E ratio of -15.47 and a beta of 0.83. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.03 and a quick ratio of 3.87.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on ARDX shares. Citigroup reduced their price objective on Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, November 4th. HC Wainwright lowered Ardelyx from a “buy” rating to a “neutral” rating and reduced their price target for the company from $11.00 to $5.50 in a report on Monday, November 11th. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Ardelyx currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.42.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ARDX. State Street Corp boosted its position in Ardelyx by 1.5% during the third quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company’s stock worth $83,657,000 after purchasing an additional 176,789 shares during the period. Rubric Capital Management LP lifted its stake in shares of Ardelyx by 68.5% in the third quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company’s stock worth $21,085,000 after buying an additional 1,243,606 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Ardelyx by 274.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 181,387 shares of the biopharmaceutical company’s stock worth $1,250,000 after buying an additional 132,928 shares during the period. Vestal Point Capital LP acquired a new position in Ardelyx in the 3rd quarter valued at $3,445,000. Finally, Millennium Management LLC raised its holdings in Ardelyx by 142.8% in the 2nd quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock worth $23,735,000 after acquiring an additional 1,883,995 shares during the period. 58.92% of the stock is owned by institutional investors.

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.