Insider Selling: Ardelyx (NASDAQ:ARDX) Insider Sells 5,560 Shares of Stock

Ardelyx, Inc. (NASDAQ:ARDX) insider Mike Kelliher sold 5,560 shares of the stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $5.54, for a total transaction of $30,802.40. Following the transaction, the insider directly owned 271,181 shares in the company, valued at approximately $1,502,342.74. This represents a 2.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Ardelyx Trading Up 4.0%

ARDX stock traded up $0.22 during midday trading on Tuesday, reaching $5.72. 2,836,088 shares of the company’s stock traded hands, compared to its average volume of 4,398,747. Ardelyx, Inc. has a fifty-two week low of $3.21 and a fifty-two week high of $6.78. The company has a market capitalization of $1.39 billion, a P/E ratio of -24.87 and a beta of 0.66. The company has a debt-to-equity ratio of 1.44, a current ratio of 4.30 and a quick ratio of 4.03. The business has a 50-day moving average price of $5.54 and a two-hundred day moving average price of $4.98.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings results on Thursday, October 30th. The biopharmaceutical company reported $0.00 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.06. Ardelyx had a negative return on equity of 36.57% and a negative net margin of 14.60%.The firm had revenue of $110.33 million for the quarter, compared to analyst estimates of $100.44 million. The firm’s revenue for the quarter was up 14.6% compared to the same quarter last year. Equities research analysts forecast that Ardelyx, Inc. will post -0.18 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Ardelyx in a research note on Wednesday, October 8th. Cowen restated a “buy” rating on shares of Ardelyx in a research note on Friday, October 31st. Wedbush cut Ardelyx from an “outperform” rating to a “neutral” rating in a research report on Tuesday. Raymond James Financial reissued a “strong-buy” rating on shares of Ardelyx in a report on Tuesday. Finally, Citigroup lifted their target price on Ardelyx from $10.00 to $11.00 and gave the company a “buy” rating in a research note on Monday, November 3rd. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Ardelyx has an average rating of “Moderate Buy” and an average price target of $11.73.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Millennium Management LLC raised its stake in Ardelyx by 118.2% during the 1st quarter. Millennium Management LLC now owns 6,465,262 shares of the biopharmaceutical company’s stock valued at $31,744,000 after purchasing an additional 3,501,782 shares during the period. Nuveen LLC acquired a new stake in Ardelyx during the 1st quarter worth about $16,735,000. Marshall Wace LLP grew its stake in Ardelyx by 34.2% during the 2nd quarter. Marshall Wace LLP now owns 11,250,652 shares of the biopharmaceutical company’s stock valued at $44,103,000 after acquiring an additional 2,866,843 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Ardelyx by 88.8% in the 2nd quarter. Bank of America Corp DE now owns 5,527,988 shares of the biopharmaceutical company’s stock valued at $21,670,000 after purchasing an additional 2,600,080 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of Ardelyx by 14.6% in the third quarter. Vanguard Group Inc. now owns 18,369,321 shares of the biopharmaceutical company’s stock worth $101,215,000 after purchasing an additional 2,337,672 shares in the last quarter. 58.92% of the stock is currently owned by institutional investors and hedge funds.

Ardelyx Company Profile

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.