Shares of Ardelyx Inc. (NASDAQ:ARDX) dropped 3.7% during trading on Friday after an insider sold shares in the company. The company traded as low as $13.00 and last traded at $13.13, with a volume of 71,086 shares changing hands. The stock had previously closed at $13.63.

Specifically, major shareholder Nea 15 Gp, Llc bought 1,527,301 shares of the firm’s stock in a transaction that occurred on Monday, July 18th. The shares were bought at an average cost of $8.73 per share, with a total value of $13,333,337.73. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Elizabeth A. Grammer sold 5,000 shares of Ardelyx stock in a transaction on Friday, September 23rd. The stock was sold at an average price of $12.00, for a total transaction of $60,000.00. Following the completion of the transaction, the senior vice president now directly owns 1,440 shares in the company, valued at $17,280. The disclosure for this sale can be found here. 15.46% of the stock is currently owned by insiders.

Several research analysts recently commented on the stock. Zacks Investment Research raised shares of Ardelyx from a “hold” rating to a “buy” rating and set a $17.00 target price on the stock in a research note on Tuesday. Citigroup Inc. decreased their target price on shares of Ardelyx from $14.00 to $13.00 and set a “buy” rating on the stock in a research note on Wednesday, August 10th. Leerink Swann reaffirmed a “buy” rating on shares of Ardelyx in a research note on Thursday, June 23rd. Wedbush reaffirmed an “outperform” rating and issued a $24.00 target price on shares of Ardelyx in a research note on Thursday, June 23rd. Finally, Cantor Fitzgerald reaffirmed a “buy” rating on shares of Ardelyx in a research note on Wednesday, June 22nd. One investment analyst has rated the stock with a sell rating and nine have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $20.67.

The company’s market cap is $606.22 million. The stock’s 50-day moving average price is $11.97 and its 200 day moving average price is $9.60.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.83) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.75) by $0.08. On average, analysts predict that Ardelyx Inc. will post ($3.03) earnings per share for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ARDX. ProShare Advisors LLC increased its position in Ardelyx by 0.9% in the second quarter. ProShare Advisors LLC now owns 28,575 shares of the biopharmaceutical company’s stock worth $249,000 after buying an additional 262 shares in the last quarter. BlackRock Advisors LLC boosted its stake in Ardelyx by 0.4% in the second quarter. BlackRock Advisors LLC now owns 68,657 shares of the biopharmaceutical company’s stock worth $599,000 after buying an additional 305 shares during the last quarter. California State Teachers Retirement System boosted its stake in Ardelyx by 2.1% in the second quarter. California State Teachers Retirement System now owns 47,997 shares of the biopharmaceutical company’s stock worth $419,000 after buying an additional 992 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Ardelyx by 1.1% in the first quarter. JPMorgan Chase & Co. now owns 98,242 shares of the biopharmaceutical company’s stock worth $763,000 after buying an additional 1,063 shares during the last quarter. Finally, ClariVest Asset Management LLC boosted its stake in Ardelyx by 5.6% in the second quarter. ClariVest Asset Management LLC now owns 34,100 shares of the biopharmaceutical company’s stock worth $298,000 after buying an additional 1,800 shares during the last quarter. Hedge funds and other institutional investors own 62.84% of the company’s stock.

Ardelyx Company Profile

Ardelyx, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of minimally systemic therapeutic drugs that work in the gastrointestinal (GI) tract to treat GI and cardio-renal diseases. The Company operates through research, development and commercialization of biopharmaceutical products segment.

5 Day Chart for NASDAQ:ARDX

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