Insider Selling: Ardelyx, Inc. (NASDAQ:ARDX) CEO Sells $18,210.00 in Stock

Ardelyx, Inc. (NASDAQ:ARDX) CEO Michael Raab sold 3,000 shares of the company’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $6.07, for a total value of $18,210.00. Following the sale, the chief executive officer now owns 1,217,608 shares of the company’s stock, valued at approximately $7,390,880.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Michael Raab also recently made the following trade(s):

• On Wednesday, September 11th, Michael Raab sold 35,000 shares of Ardelyx stock. The stock was sold at an average price of $5.61, for a total transaction of $196,350.00.
• On Tuesday, August 27th, Michael Raab sold 7,500 shares of Ardelyx stock. The shares were sold at an average price of $6.22, for a total transaction of $46,650.00.
• On Tuesday, August 20th, Michael Raab sold 32,225 shares of Ardelyx stock. The stock was sold at an average price of $5.86, for a total transaction of $188,838.50.
• On Monday, August 12th, Michael Raab sold 1,229 shares of Ardelyx stock. The shares were sold at an average price of $5.71, for a total transaction of $7,017.59.
• On Monday, July 29th, Michael Raab sold 30,000 shares of Ardelyx stock. The stock was sold at an average price of $5.64, for a total value of $169,200.00.
• On Monday, July 15th, Michael Raab sold 7,500 shares of Ardelyx stock. The shares were sold at an average price of $5.97, for a total value of $44,775.00.

Ardelyx Stock Up 4.6 %

Shares of ARDX opened at $6.65 on Monday. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of -23.75 and a beta of 0.90. Ardelyx, Inc. has a 1 year low of $3.16 and a 1 year high of $10.13. The business’s 50 day simple moving average is $5.93 and its 200-day simple moving average is $6.57. The company has a debt-to-equity ratio of 0.68, a current ratio of 4.21 and a quick ratio of 3.99.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.04. Ardelyx had a negative net margin of 31.02% and a negative return on equity of 39.73%. The company had revenue of $73.20 million for the quarter, compared to analysts’ expectations of $55.03 million. During the same quarter in the previous year, the business posted ($0.08) earnings per share. Ardelyx’s quarterly revenue was up 228.3% on a year-over-year basis. As a group, equities analysts expect that Ardelyx, Inc. will post -0.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. B. Riley Wealth Advisors Inc. purchased a new position in shares of Ardelyx in the 2nd quarter worth approximately $645,000. Coastal Bridge Advisors LLC purchased a new position in Ardelyx during the second quarter worth $74,000. Creative Planning increased its position in Ardelyx by 90.0% during the second quarter. Creative Planning now owns 40,417 shares of the biopharmaceutical company’s stock valued at $299,000 after acquiring an additional 19,140 shares during the last quarter. Algert Global LLC bought a new position in Ardelyx during the second quarter valued at $174,000. Finally, Millennium Management LLC lifted its holdings in shares of Ardelyx by 142.8% in the 2nd quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock worth $23,735,000 after acquiring an additional 1,883,995 shares during the last quarter. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. StockNews.com upgraded Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday, July 31st. Piper Sandler cut shares of Ardelyx from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $15.00 to $7.00 in a research note on Tuesday, July 2nd. HC Wainwright lifted their target price on shares of Ardelyx from $10.00 to $11.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Wedbush reiterated an “outperform” rating and issued a $11.00 price target on shares of Ardelyx in a research note on Friday, August 2nd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Ardelyx in a research note on Thursday, June 20th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Ardelyx presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.67.

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.