Ardelyx, Inc. (NASDAQ:ARDX) Short Interest Update

Ardelyx, Inc. (NASDAQ:ARDXGet Free Report) saw a large drop in short interest in the month of May. As of May 15th, there was short interest totalling 33,040,000 shares, a drop of 6.1% from the April 30th total of 35,170,000 shares. Based on an average trading volume of 5,610,000 shares, the short-interest ratio is presently 5.9 days.

Insider Transactions at Ardelyx

In related news, insider Elizabeth A. Grammer sold 86,000 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $7.73, for a total transaction of $664,780.00. Following the completion of the sale, the insider now owns 312,993 shares in the company, valued at approximately $2,419,435.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Ardelyx news, insider Elizabeth A. Grammer sold 86,000 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $7.73, for a total value of $664,780.00. Following the completion of the sale, the insider now owns 312,993 shares in the company, valued at approximately $2,419,435.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Raab sold 7,500 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $6.72, for a total transaction of $50,400.00. Following the completion of the sale, the chief executive officer now owns 1,270,273 shares of the company’s stock, valued at approximately $8,536,234.56. The disclosure for this sale can be found here. In the last three months, insiders sold 383,455 shares of company stock valued at $3,161,145. Company insiders own 5.50% of the company’s stock.

Institutional Trading of Ardelyx

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in Ardelyx by 2.8% during the first quarter. Vanguard Group Inc. now owns 13,391,855 shares of the biopharmaceutical company’s stock worth $97,761,000 after buying an additional 365,809 shares during the last quarter. Eventide Asset Management LLC boosted its position in shares of Ardelyx by 152.5% in the fourth quarter. Eventide Asset Management LLC now owns 6,805,494 shares of the biopharmaceutical company’s stock valued at $42,194,000 after acquiring an additional 4,110,494 shares during the period. Rubric Capital Management LP boosted its position in shares of Ardelyx by 60.5% in the fourth quarter. Rubric Capital Management LP now owns 4,012,753 shares of the biopharmaceutical company’s stock valued at $24,879,000 after acquiring an additional 1,512,753 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Ardelyx by 68.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,913,863 shares of the biopharmaceutical company’s stock valued at $28,572,000 after acquiring an additional 1,584,597 shares during the period. Finally, Adage Capital Partners GP L.L.C. bought a new stake in shares of Ardelyx in the third quarter valued at about $9,384,000. Institutional investors own 58.92% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ARDX shares. SVB Leerink started coverage on shares of Ardelyx in a research report on Friday, April 5th. They set an “outperform” rating and a $14.00 price target for the company. Piper Sandler reiterated an “overweight” rating and set a $15.00 price target on shares of Ardelyx in a research report on Friday, May 24th. Leerink Partnrs reissued an “outperform” rating on shares of Ardelyx in a research note on Friday, April 5th. Citigroup lifted their price objective on shares of Ardelyx from $13.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. Finally, Wedbush reissued an “outperform” rating and set a $15.00 price objective on shares of Ardelyx in a research note on Friday, May 24th. One analyst has rated the stock with a sell rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Ardelyx currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.81.

Get Our Latest Stock Report on Ardelyx

Ardelyx Stock Performance

Shares of ARDX opened at $6.92 on Tuesday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 4.36 and a current ratio of 4.53. Ardelyx has a twelve month low of $3.16 and a twelve month high of $10.13. The firm’s 50 day moving average price is $7.26 and its two-hundred day moving average price is $7.40. The firm has a market cap of $1.61 billion, a P/E ratio of -24.71 and a beta of 0.79.

Ardelyx (NASDAQ:ARDXGet Free Report) last announced its quarterly earnings results on Thursday, May 2nd. The biopharmaceutical company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. The firm had revenue of $46.00 million for the quarter, compared to analyst estimates of $36.40 million. Ardelyx had a negative net margin of 41.36% and a negative return on equity of 41.65%. The business’s revenue was up 303.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.13) earnings per share. On average, analysts forecast that Ardelyx will post -0.36 EPS for the current fiscal year.

About Ardelyx

(Get Free Report)

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.

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