Insider Selling: Ardelyx (NASDAQ:ARDX) Insider Sells $76,235.00 in Stock

Ardelyx, Inc. (NASDAQ:ARDX) insider John Bishop sold 19,750 shares of the business’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $3.86, for a total transaction of $76,235.00. Following the completion of the transaction, the insider owned 317,095 shares of the company’s stock, valued at approximately $1,223,986.70. This trade represents a 5.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Ardelyx Stock Down 0.3%

Shares of NASDAQ ARDX opened at $3.82 on Friday. The stock has a market cap of $951.91 million, a P/E ratio of -17.36 and a beta of 0.70. The company has a current ratio of 3.34, a quick ratio of 3.15 and a debt-to-equity ratio of 1.69. Ardelyx, Inc. has a 12-month low of $3.72 and a 12-month high of $8.40. The business’s fifty day simple moving average is $4.89 and its 200-day simple moving average is $5.70.

Ardelyx (NASDAQ:ARDX) last released its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.02). Ardelyx had a negative net margin of 12.35% and a negative return on equity of 36.00%. The company had revenue of $120.88 million during the quarter, compared to analysts’ expectations of $121.03 million. During the same quarter last year, the business posted ($0.08) earnings per share. The company’s revenue for the quarter was up 34.3% on a year-over-year basis. As a group, equities analysts predict that Ardelyx, Inc. will post -0.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in shares of Ardelyx in the 2nd quarter valued at $119,874,000. Jupiter Topco LLC acquired a new position in Ardelyx in the second quarter valued at $27,043,000. AIGH Capital Management LLC acquired a new position in Ardelyx in the second quarter valued at $16,320,000. Bank of America Corp DE grew its holdings in shares of Ardelyx by 88.8% during the second quarter. Bank of America Corp DE now owns 5,527,988 shares of the biopharmaceutical company’s stock worth $21,670,000 after purchasing an additional 2,600,080 shares during the last quarter. Finally, State Street Corp grew its holdings in shares of Ardelyx by 22.6% during the fourth quarter. State Street Corp now owns 11,912,339 shares of the biopharmaceutical company’s stock worth $69,449,000 after purchasing an additional 2,193,649 shares during the last quarter. Institutional investors and hedge funds own 58.92% of the company’s stock.

Wall Street Analyst Weigh In

ARDX has been the subject of a number of analyst reports. LADENBURG THALM/SH SH began coverage on Ardelyx in a research report on Tuesday, June 16th. They set a “buy” rating and a $16.00 price objective for the company. Weiss Ratings cut shares of Ardelyx from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, June 29th. TD Cowen decreased their price target on shares of Ardelyx from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, August 7th. BTIG Research lowered their price target on shares of Ardelyx from $17.00 to $14.00 and set a “buy” rating for the company in a report on Friday, August 7th. Finally, Citigroup dropped their price objective on shares of Ardelyx from $14.00 to $11.00 and set a “buy” rating on the stock in a research report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat, Ardelyx has a consensus rating of “Moderate Buy” and an average price target of $13.90.

About Ardelyx

Ardelyx, Inc (NASDAQ: ARDX) is a clinical?stage biopharmaceutical company focused on discovering, developing and commercializing targeted small molecule drugs for cardio?renal and gastrointestinal diseases. The company’s lead marketed product, tenapanor (sold under the brand name XPHOZAH in the United States), is approved for the treatment of hyperphosphatemia in patients with chronic kidney disease on dialysis. Ardelyx’s proprietary approach targets epithelial transporters in the gastrointestinal tract, offering localized activity with limited systemic exposure.

Beyond tenapanor, Ardelyx’s development pipeline includes treatments designed to address other complications in kidney disease and related metabolic disorders.