Insider Selling: Ardelyx, Inc. (NASDAQ:ARDX) CEO Sells 31,980 Shares of Stock

Ardelyx, Inc. (NASDAQ:ARDX) CEO Michael Raab sold 31,980 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $4.79, for a total transaction of $153,184.20. Following the sale, the chief executive officer now directly owns 1,175,385 shares of the company’s stock, valued at approximately $5,630,094.15. The trade was a 2.65 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

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

• On Monday, November 11th, Michael Raab sold 2,743 shares of Ardelyx stock. The stock was sold at an average price of $4.90, for a total value of $13,440.70.
• On Monday, October 28th, Michael Raab sold 25,000 shares of Ardelyx stock. The shares were sold at an average price of $5.91, for a total value of $147,750.00.
• On Friday, October 11th, Michael Raab sold 7,500 shares of Ardelyx stock. The stock was sold at an average price of $6.01, for a total transaction of $45,075.00.
• On Thursday, September 26th, Michael Raab sold 3,000 shares of Ardelyx stock. The shares were sold at an average price of $6.07, for a total value of $18,210.00.
• 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 value of $196,350.00.
• On Tuesday, August 27th, Michael Raab sold 7,500 shares of Ardelyx stock. The stock was sold at an average price of $6.22, for a total value of $46,650.00.

Ardelyx Trading Up 3.7 %

ARDX stock traded up $0.19 during midday trading on Friday, hitting $5.31. 3,795,995 shares of the company’s stock were exchanged, compared to its average volume of 4,965,173. Ardelyx, Inc. has a one year low of $4.06 and a one year high of $10.13. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.87 and a current ratio of 4.03. The company has a market cap of $1.26 billion, a PE ratio of -17.15 and a beta of 0.92. The stock’s fifty day moving average price is $5.86 and its 200-day moving average price is $6.18.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. StockNews.com raised shares of Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday, July 31st. Wedbush reaffirmed an “outperform” rating and set a $11.00 target price on shares of Ardelyx in a report on Friday, August 2nd. Citigroup cut their price target on Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Finally, HC Wainwright cut Ardelyx from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $11.00 to $5.50 in a research note on Monday, November 11th. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.42.

Hedge Funds Weigh In On Ardelyx

Institutional investors have recently modified their holdings of the business. Redmile Group LLC acquired a new stake in Ardelyx during the 1st quarter worth approximately $16,020,000. Millennium Management LLC lifted its position in Ardelyx by 142.8% in the 2nd quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock valued at $23,735,000 after acquiring an additional 1,883,995 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Ardelyx by 68.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,913,863 shares of the biopharmaceutical company’s stock worth $28,572,000 after purchasing an additional 1,584,597 shares during the period. Rubric Capital Management LP increased its holdings in Ardelyx by 68.5% during the 3rd quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company’s stock worth $21,085,000 after purchasing an additional 1,243,606 shares in the last quarter. Finally, Eventide Asset Management LLC raised its stake in shares of Ardelyx by 11.2% in the 3rd quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company’s stock valued at $51,076,000 after purchasing an additional 746,067 shares during the period. Institutional investors 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.