Insider Buying: Ardelyx, Inc. (NASDAQ:ARDX) Director Acquires 213,300 Shares of Stock

Ardelyx, Inc. (NASDAQ:ARDX) Director David M. Mott acquired 213,300 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The shares were bought at an average cost of $4.67 per share, for a total transaction of $996,111.00. Following the acquisition, the director now directly owns 1,638,765 shares in the company, valued at $7,653,032.55. This represents a 14.96 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Ardelyx Price Performance

ARDX stock opened at $4.64 on Wednesday. The firm has a 50 day simple moving average of $5.42 and a two-hundred day simple moving average of $5.81. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.03 and a quick ratio of 3.87. The stock has a market cap of $1.10 billion, a PE ratio of -15.47 and a beta of 0.83. Ardelyx, Inc. has a one year low of $4.32 and a one year high of $10.13.

Analysts Set New Price Targets

ARDX has been the topic of a number of recent analyst reports. HC Wainwright downgraded shares of Ardelyx from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $11.00 to $5.50 in a report on Monday, November 11th. Citigroup decreased their price target on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Ardelyx has an average rating of “Moderate Buy” and a consensus price target of $10.42.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC raised its position in Ardelyx by 1,026.3% during the second quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock valued at $26,000 after purchasing an additional 3,233 shares in the last quarter. Redwood Wealth Management Group LLC purchased a new position in shares of Ardelyx during the 2nd quarter valued at about $62,000. Coastal Bridge Advisors LLC purchased a new stake in Ardelyx in the second quarter worth approximately $74,000. Helen Stephens Group LLC bought a new position in Ardelyx during the third quarter valued at approximately $76,000. Finally, CWM LLC raised its stake in shares of Ardelyx by 328.1% during the third quarter. CWM LLC now owns 12,814 shares of the biopharmaceutical company’s stock worth $88,000 after acquiring an additional 9,821 shares in the last quarter. 58.92% of the stock is currently owned by hedge funds and other institutional investors.

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.