Ardelyx (NASDAQ:ARDX) Stock Price Up 7.3% – Here’s Why

Ardelyx, Inc. (NASDAQ:ARDX)’s share price rose 7.3% on Friday . The stock traded as high as $6.44 and last traded at $6.30. Approximately 2,272,711 shares were traded during trading, a decline of 53% from the average daily volume of 4,829,577 shares. The stock had previously closed at $5.87.

Wall Street Analyst Weigh In

ARDX has been the topic of several recent analyst reports. Wedbush reissued an “outperform” rating and set a $11.00 price objective on shares of Ardelyx in a research note on Friday, August 2nd. StockNews.com raised shares of Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday, July 31st. HC Wainwright reaffirmed a “buy” rating and issued a $11.00 price target on shares of Ardelyx in a research note on Friday. Finally, Citigroup lifted their price target on shares of Ardelyx from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Ardelyx presently has a consensus rating of “Moderate Buy” and an average price target of $11.67.

Ardelyx Stock Up 3.7 %

The company has a quick ratio of 3.99, a current ratio of 4.21 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $1.43 billion, a price-to-earnings ratio of -22.55 and a beta of 0.90. The stock’s fifty day moving average price is $6.07 and its 200-day moving average price is $6.32.

Ardelyx (NASDAQ:ARDX) last issued its earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. The business had revenue of $73.20 million for the quarter, compared to the consensus estimate of $55.03 million. Ardelyx had a negative net margin of 31.02% and a negative return on equity of 39.73%. The firm’s revenue for the quarter was up 228.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.08) earnings per share. On average, sell-side analysts predict that Ardelyx, Inc. will post -0.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider David P. Rosenbaum sold 20,000 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $5.94, for a total value of $118,800.00. Following the completion of the sale, the insider now owns 356,479 shares of the company’s stock, valued at approximately $2,117,485.26. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Ardelyx news, insider David P. Rosenbaum sold 49,564 shares of the business’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $6.92, for a total transaction of $342,982.88. Following the completion of the transaction, the insider now owns 301,946 shares of the company’s stock, valued at approximately $2,089,466.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David P. Rosenbaum sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $5.94, for a total value of $118,800.00. Following the completion of the transaction, the insider now directly owns 356,479 shares of the company’s stock, valued at $2,117,485.26. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 212,126 shares of company stock valued at $1,298,963 over the last ninety days. 5.90% of the stock is currently owned by company insiders.

Institutional Trading of Ardelyx

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Ardelyx by 2.8% during the 1st 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 in the last quarter. Clay Northam Wealth Management LLC lifted its holdings in shares of Ardelyx by 154.7% in the 2nd quarter. Clay Northam Wealth Management LLC now owns 232,377 shares of the biopharmaceutical company’s stock worth $1,722,000 after purchasing an additional 141,145 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Ardelyx by 100.7% in the 1st quarter. Russell Investments Group Ltd. now owns 536,297 shares of the biopharmaceutical company’s stock worth $3,915,000 after purchasing an additional 269,046 shares in the last quarter. ProShare Advisors LLC lifted its holdings in shares of Ardelyx by 8.9% in the 1st quarter. ProShare Advisors LLC now owns 57,729 shares of the biopharmaceutical company’s stock worth $421,000 after purchasing an additional 4,735 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of Ardelyx by 347.4% in the 1st quarter. Principal Financial Group Inc. now owns 122,811 shares of the biopharmaceutical company’s stock worth $897,000 after purchasing an additional 95,361 shares in the last quarter. Institutional investors and hedge funds own 58.92% of the company’s stock.

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.