Ardelyx, Inc. (NASDAQ:ARDX) Short Interest Down 7.6% in October

Ardelyx, Inc. (NASDAQ:ARDXGet Rating) saw a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 7,340,000 shares, a decrease of 7.6% from the October 15th total of 7,940,000 shares. Based on an average daily volume of 3,520,000 shares, the short-interest ratio is presently 2.1 days.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on ARDX shares. StockNews.com started coverage on shares of Ardelyx in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Citigroup lowered their price target on shares of Ardelyx from $12.00 to $10.00 in a research report on Thursday, August 18th. Finally, Wedbush restated a “neutral” rating on shares of Ardelyx in a research report on Friday, August 5th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $4.33.

Ardelyx Price Performance

Shares of ARDX opened at $1.22 on Thursday. The firm has a 50-day moving average price of $1.35 and a 200 day moving average price of $0.96. The firm has a market capitalization of $228.70 million, a PE ratio of -1.44 and a beta of 1.48. Ardelyx has a 52-week low of $0.49 and a 52-week high of $1.92.

Insiders Place Their Bets

In other Ardelyx news, insider Robert Blanks sold 100,000 shares of the stock in a transaction on Wednesday, October 5th. The shares were sold at an average price of $1.50, for a total transaction of $150,000.00. Following the sale, the insider now directly owns 195,827 shares of the company’s stock, valued at $293,740.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders have sold 132,906 shares of company stock valued at $183,558. Company insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Ardelyx

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Ardelyx by 9.7% in the 3rd quarter. Vanguard Group Inc. now owns 5,745,518 shares of the biopharmaceutical company’s stock valued at $6,838,000 after acquiring an additional 508,901 shares during the last quarter. BlackRock Inc. lifted its holdings in Ardelyx by 1.3% in the 1st quarter. BlackRock Inc. now owns 5,700,576 shares of the biopharmaceutical company’s stock valued at $6,100,000 after acquiring an additional 71,592 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in Ardelyx in the 2nd quarter valued at about $2,950,000. Great Point Partners LLC acquired a new stake in Ardelyx in the 1st quarter valued at about $5,095,000. Finally, AIGH Capital Management LLC lifted its holdings in Ardelyx by 29.7% in the 1st quarter. AIGH Capital Management LLC now owns 3,114,602 shares of the biopharmaceutical company’s stock valued at $3,333,000 after acquiring an additional 712,795 shares during the last quarter. Institutional investors own 24.57% of the company’s stock.

Ardelyx Company Profile

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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, which has completed Phase III clinical trial for the treatment of patients with irritable bowel syndrome with constipation, as well as in Phase III clinical trial to control serum phosphorus in adult patients with chronic kidney disease (CKD)on dialysis, or hyperphosphatemia.

Further Reading

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