Ardelyx (NASDAQ:ARDX) Stock Price Up 4.3%

Ardelyx, Inc. (NASDAQ:ARDX)’s share price rose 4.3% during trading on Friday . The company traded as high as $6.81 and last traded at $6.78. Approximately 277,440 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 5,544,378 shares. The stock had previously closed at $6.50.

Analyst Ratings Changes

ARDX has been the subject of a number of research reports. Wedbush reaffirmed an “outperform” rating and issued a $15.00 price objective on shares of Ardelyx in a report on Friday, May 24th. SVB Leerink initiated coverage on shares of Ardelyx in a report on Friday, April 5th. They issued an “outperform” rating and a $14.00 price objective for the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Ardelyx in a report on Thursday, June 20th. Leerink Partnrs reissued an “outperform” rating on shares of Ardelyx in a report on Friday, April 5th. Finally, Piper Sandler reissued an “overweight” rating and set a $15.00 price target on shares of Ardelyx in a report on Friday, May 24th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $12.81.

Ardelyx Stock Up 9.4 %

The firm has a market cap of $1.65 billion, a price-to-earnings ratio of -24.57 and a beta of 0.79. The firm’s fifty day moving average is $6.98 and its two-hundred day moving average is $7.59. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.53 and a quick ratio of 4.36.

Ardelyx (NASDAQ:ARDX) last posted its quarterly earnings data on Thursday, May 2nd. The biopharmaceutical company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.02. Ardelyx had a negative net margin of 41.36% and a negative return on equity of 41.65%. The business had revenue of $46.00 million during the quarter, compared to the consensus estimate of $36.40 million. During the same quarter in the prior year, the company posted ($0.13) earnings per share. The company’s quarterly revenue was up 303.5% compared to the same quarter last year. On average, sell-side analysts expect that Ardelyx, Inc. will post -0.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other Ardelyx news, insider David P. Rosenbaum sold 17,872 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $7.00, for a total value of $125,104.00. Following the sale, the insider now directly owns 158,502 shares in the company, valued at $1,109,514. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Ardelyx news, insider Robert Blanks sold 38,000 shares of the business’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $5.96, for a total transaction of $226,480.00. Following the sale, the insider now owns 324,331 shares in the company, valued at approximately $1,933,012.76. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider David P. Rosenbaum sold 17,872 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $7.00, for a total value of $125,104.00. Following the completion of the transaction, the insider now owns 158,502 shares in the company, valued at approximately $1,109,514. The disclosure for this sale can be found here. Over the last three months, insiders have sold 533,327 shares of company stock worth $4,113,099. 5.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ardelyx

A number of large investors have recently made changes to their positions in the business. Farallon Capital Management LLC acquired a new position in shares of Ardelyx during the first quarter worth approximately $168,000. Virtu Financial LLC acquired a new position in shares of Ardelyx during the first quarter worth approximately $220,000. Castleark Management LLC acquired a new position in shares of Ardelyx during the first quarter worth approximately $1,571,000. Bayesian Capital Management LP acquired a new position in shares of Ardelyx during the first quarter worth approximately $657,000. Finally, Redmile Group LLC acquired a new position in shares of Ardelyx during the first quarter worth approximately $16,020,000. Institutional investors and hedge funds own 58.92% of the company’s stock.

About Ardelyx

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.