Ardelyx (NASDAQ:ARDX) Stock Price Down 3.8% – Here’s Why

Ardelyx, Inc. (NASDAQ:ARDX)’s stock price was down 3.8% during mid-day trading on Tuesday . The company traded as low as $4.99 and last traded at $5.05. Approximately 1,903,364 shares were traded during trading, a decline of 61% from the average daily volume of 4,875,531 shares. The stock had previously closed at $5.25.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. HC Wainwright lowered shares of Ardelyx from a “buy” rating to a “neutral” rating and cut their price target for the stock from $11.00 to $5.50 in a report on Monday, November 11th. Citigroup cut their target price on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Three 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’s stock. According to MarketBeat, Ardelyx has an average rating of “Moderate Buy” and a consensus target price of $10.42.

Ardelyx Price Performance

The stock’s fifty day moving average price is $5.32 and its 200-day moving average price is $5.75. The firm has a market cap of $1.20 billion, a PE ratio of -16.90 and a beta of 0.83. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.03 and a quick ratio of 3.87.

Insider Activity at Ardelyx

In related news, CEO Michael Raab sold 7,500 shares of the firm’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $6.01, for a total transaction of $45,075.00. Following the completion of the sale, the chief executive officer now directly owns 1,210,108 shares in the company, valued at approximately $7,272,749.08. This trade represents a 0.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Justin A. Renz sold 5,260 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $4.79, for a total transaction of $25,195.40. Following the completion of the transaction, the chief financial officer now owns 291,139 shares in the company, valued at $1,394,555.81. The trade was a 1.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 184,192 shares of company stock valued at $1,013,345. Corporate insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Ardelyx

Hedge funds have recently modified their holdings of the business. State Street Corp boosted its position in shares of Ardelyx by 1.5% during the 3rd quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company’s stock worth $83,657,000 after purchasing an additional 176,789 shares during the period. Eventide Asset Management LLC boosted its position in shares of Ardelyx by 11.2% during the third quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company’s stock worth $51,076,000 after buying an additional 746,067 shares during the period. Geode Capital Management LLC grew its stake in shares of Ardelyx by 0.3% in the third quarter. Geode Capital Management LLC now owns 5,487,742 shares of the biopharmaceutical company’s stock valued at $37,818,000 after buying an additional 17,296 shares in the last quarter. Millennium Management LLC raised 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 valued at $23,735,000 after buying an additional 1,883,995 shares during the period. Finally, Rubric Capital Management LP lifted its stake 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 acquiring an additional 1,243,606 shares in the last quarter. 58.92% of the stock is currently owned by hedge funds and other institutional investors.

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.