Ardelyx, Inc. (NASDAQ:ARDX) Short Interest Down 15.0% in January

Ardelyx, Inc. (NASDAQ:ARDX) was the target of a significant decrease in short interest during the month of January. As of January 30th, there was short interest totaling 18,557,299 shares, a decrease of 15.0% from the January 15th total of 21,833,586 shares. Based on an average daily volume of 4,965,903 shares, the days-to-cover ratio is presently 3.7 days. Currently, 8.0% of the shares of the stock are short sold. Currently, 8.0% of the shares of the stock are short sold. Based on an average daily volume of 4,965,903 shares, the days-to-cover ratio is presently 3.7 days.

Ardelyx Price Performance

NASDAQ:ARDX opened at $6.76 on Wednesday. Ardelyx has a 12-month low of $3.21 and a 12-month high of $8.40. The stock’s 50 day moving average price is $6.75 and its two-hundred day moving average price is $6.09. The company has a quick ratio of 4.11, a current ratio of 4.41 and a debt-to-equity ratio of 1.31. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of -29.39 and a beta of 0.57.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ARDX. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ardelyx in a research report on Wednesday, January 21st. Jefferies Financial Group reiterated a “buy” rating and set a $15.00 target price on shares of Ardelyx in a research report on Tuesday, January 27th. Piper Sandler raised Ardelyx from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $10.00 to $16.00 in a research note on Thursday, January 8th. TD Cowen reiterated a “buy” rating on shares of Ardelyx in a report on Thursday, January 29th. Finally, Raymond James Financial restated a “strong-buy” rating and set a $19.00 target price on shares of Ardelyx in a report on Thursday, January 8th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $14.36.

Insider Activity at Ardelyx

In other news, insider Elizabeth A. Grammer sold 5,995 shares of the business’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $5.54, for a total transaction of $33,212.30. Following the completion of the sale, the insider owned 299,895 shares in the company, valued at $1,661,418.30. The trade was a 1.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Mike Kelliher sold 5,560 shares of the firm’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $5.54, for a total value of $30,802.40. Following the completion of the transaction, the insider owned 271,181 shares in the company, valued at approximately $1,502,342.74. This represents a 2.01% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 114,868 shares of company stock worth $708,369. 4.80% of the stock is currently owned by company insiders.

Institutional Trading of Ardelyx

Hedge funds and other institutional investors have recently modified their holdings of the stock. Marshall Wace LLP grew its position in shares of Ardelyx by 34.2% during the 2nd quarter. Marshall Wace LLP now owns 11,250,652 shares of the biopharmaceutical company’s stock worth $44,103,000 after purchasing an additional 2,866,843 shares in the last quarter. Squarepoint Ops LLC bought a new stake in shares of Ardelyx during the 2nd quarter worth $708,000. Stonepine Capital Management LLC bought a new position in shares of Ardelyx in the 2nd quarter valued at $2,176,000. Y Intercept Hong Kong Ltd lifted its holdings in shares of Ardelyx by 488.0% during the third quarter. Y Intercept Hong Kong Ltd now owns 306,547 shares of the biopharmaceutical company’s stock worth $1,689,000 after purchasing an additional 254,417 shares during the period. Finally, AIGH Capital Management LLC acquired a new position in shares of Ardelyx in the third quarter worth approximately $1,094,000. Institutional investors own 58.92% of the company’s stock.

Ardelyx Company Profile

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.