Ardelyx (NASDAQ:ARDX) Shares Up 6.7% – Here’s What Happened

Ardelyx, Inc. (NASDAQ:ARDX) was up 6.7% on Wednesday . The company traded as high as $6.07 and last traded at $5.9350. Approximately 1,475,450 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 5,513,645 shares. The stock had previously closed at $5.56.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Citigroup upped their target price on Ardelyx from $10.00 to $11.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. BTIG Research boosted their price target on Ardelyx from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Friday. Raymond James Financial reaffirmed a “strong-buy” rating and set a $19.00 price objective on shares of Ardelyx in a research report on Thursday. Wedbush lowered shares of Ardelyx from an “outperform” rating to a “hold” rating in a research note on Tuesday, November 25th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ardelyx in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Ardelyx has a consensus rating of “Moderate Buy” and an average price target of $13.50.

Ardelyx Stock Performance

The company has a debt-to-equity ratio of 1.31, a current ratio of 4.41 and a quick ratio of 4.11. The firm has a fifty day simple moving average of $5.85 and a 200 day simple moving average of $5.45. The company has a market cap of $1.70 billion, a price-to-earnings ratio of -30.43 and a beta of 0.56.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings data on Thursday, October 30th. The biopharmaceutical company reported $0.00 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.06. Ardelyx had a negative net margin of 14.20% and a negative return on equity of 36.91%. The business had revenue of $110.33 million during the quarter, compared to analysts’ expectations of $100.44 million. Ardelyx’s revenue was up 14.6% compared to the same quarter last year. On average, sell-side analysts expect that Ardelyx, Inc. will post -0.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Ardelyx news, CEO Michael Raab sold 46,887 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $5.54, for a total value of $259,753.98. Following the sale, the chief executive officer owned 1,455,363 shares of the company’s stock, valued at $8,062,711.02. This trade represents a 3.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Elizabeth A. Grammer sold 5,995 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $5.54, for a total value of $33,212.30. Following the transaction, the insider owned 299,895 shares of the company’s stock, valued at approximately $1,661,418.30. This trade represents a 1.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 64,868 shares of company stock valued at $359,369. 4.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ardelyx

Several hedge funds and other institutional investors have recently modified their holdings of ARDX. DCF Advisers LLC acquired a new position in Ardelyx during the 2nd quarter valued at $39,000. Brighton Jones LLC bought a new position in shares of Ardelyx during the 2nd quarter worth about $40,000. SBI Securities Co. Ltd. raised its position in shares of Ardelyx by 147.0% during the third quarter. SBI Securities Co. Ltd. now owns 10,253 shares of the biopharmaceutical company’s stock valued at $56,000 after buying an additional 6,102 shares during the last quarter. Swiss Life Asset Management Ltd acquired a new stake in Ardelyx during the third quarter worth about $57,000. Finally, State of Wyoming acquired a new stake in Ardelyx during the second quarter worth about $61,000. Institutional investors and hedge funds own 58.92% of the company’s stock.

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.