Ardelyx, Inc. (NASDAQ:ARDX) Sees Large Increase in Short Interest

Ardelyx, Inc. (NASDAQ:ARDXGet Free Report) was the target of a significant increase in short interest in March. As of March 15th, there was short interest totalling 36,310,000 shares, an increase of 8.0% from the February 29th total of 33,610,000 shares. Based on an average daily trading volume, of 6,230,000 shares, the days-to-cover ratio is currently 5.8 days.

Insider Activity

In related news, insider David P. Rosenbaum sold 30,000 shares of the stock in a transaction on Monday, January 8th. The stock was sold at an average price of $6.64, for a total transaction of $199,200.00. Following the sale, the insider now owns 286,596 shares of the company’s stock, valued at $1,902,997.44. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, insider David P. Rosenbaum sold 30,000 shares of the stock in a transaction on Monday, January 8th. The stock was sold at an average price of $6.64, for a total transaction of $199,200.00. Following the sale, the insider now owns 286,596 shares of the company’s stock, valued at $1,902,997.44. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Elizabeth A. Grammer sold 86,000 shares of the stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $7.73, for a total value of $664,780.00. Following the sale, the insider now directly owns 312,993 shares in the company, valued at approximately $2,419,435.89. The disclosure for this sale can be found here. Insiders sold a total of 171,320 shares of company stock worth $1,354,774 over the last 90 days. 5.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ardelyx

A number of institutional investors have recently made changes to their positions in ARDX. State Street Corp grew its stake in Ardelyx by 47.6% during the 2nd quarter. State Street Corp now owns 22,437,564 shares of the biopharmaceutical company’s stock worth $76,063,000 after buying an additional 7,234,448 shares during the last quarter. BlackRock Inc. grew its stake in Ardelyx by 278.7% during the 2nd quarter. BlackRock Inc. now owns 14,030,392 shares of the biopharmaceutical company’s stock worth $47,563,000 after buying an additional 10,325,699 shares during the last quarter. Vanguard Group Inc. grew its stake in Ardelyx by 12.6% during the 4th quarter. Vanguard Group Inc. now owns 13,026,046 shares of the biopharmaceutical company’s stock worth $80,761,000 after buying an additional 1,460,246 shares during the last quarter. Eventide Asset Management LLC grew its stake in Ardelyx by 152.5% during the 4th quarter. Eventide Asset Management LLC now owns 6,805,494 shares of the biopharmaceutical company’s stock worth $42,194,000 after buying an additional 4,110,494 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new position in Ardelyx during the 2nd quarter worth $2,950,000. 58.92% of the stock is currently owned by institutional investors.

Ardelyx Price Performance

ARDX stock opened at $7.34 on Wednesday. The company has a quick ratio of 4.64, a current ratio of 4.88 and a debt-to-equity ratio of 0.30. Ardelyx has a 52-week low of $3.16 and a 52-week high of $10.13. The stock’s 50 day moving average is $8.66 and its two-hundred day moving average is $6.35. The company has a market capitalization of $1.71 billion, a PE ratio of -24.47 and a beta of 0.86.

Ardelyx (NASDAQ:ARDXGet Free Report) last issued its quarterly earnings results on Thursday, February 22nd. The biopharmaceutical company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). Ardelyx had a negative net margin of 53.08% and a negative return on equity of 43.57%. The firm had revenue of $34.36 million during the quarter, compared to the consensus estimate of $34.26 million. During the same quarter last year, the firm posted $0.06 earnings per share. Ardelyx’s revenue was down 22.2% compared to the same quarter last year. Analysts predict that Ardelyx will post -0.44 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have issued reports on ARDX. Piper Sandler raised their price target on Ardelyx from $12.00 to $15.00 and gave the stock an “overweight” rating in a research note on Friday, February 23rd. StockNews.com lowered Ardelyx from a “hold” rating to a “sell” rating in a research note on Monday, February 26th. Citigroup raised their target price on Ardelyx from $9.00 to $14.00 and gave the company a “buy” rating in a report on Wednesday, January 10th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Ardelyx in a report on Friday, January 12th. Finally, Wedbush reiterated an “outperform” rating and set a $13.00 target price on shares of Ardelyx in a report on Friday, February 23rd. One investment analyst has rated the stock with a sell rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Ardelyx has a consensus rating of “Moderate Buy” and an average price target of $12.36.

View Our Latest Research Report on Ardelyx

Ardelyx Company Profile

(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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