Insider Selling: Ardelyx, Inc. (NASDAQ:ARDX) Insider Sells 27,172 Shares of Stock

Ardelyx, Inc. (NASDAQ:ARDX) insider David P. Rosenbaum sold 27,172 shares of the stock in a transaction on Monday, November 4th. The stock was sold at an average price of $5.95, for a total value of $161,673.40. Following the completion of the transaction, the insider now owns 153,616 shares of the company’s stock, valued at $914,015.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Ardelyx Price Performance

ARDX stock traded up $0.77 on Wednesday, reaching $6.49. The company had a trading volume of 7,914,435 shares, compared to its average volume of 4,868,784. The company’s fifty day moving average is $6.05 and its 200 day moving average is $6.31. The company has a market cap of $1.53 billion, a P/E ratio of -19.07 and a beta of 0.92. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.87 and a current ratio of 4.03. Ardelyx, Inc. has a 1 year low of $3.43 and a 1 year high of $10.13.

Wall Street Analysts Forecast Growth

ARDX has been the subject of several recent analyst reports. Citigroup reduced their price objective on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Monday. HC Wainwright restated a “buy” rating and issued a $11.00 price target on shares of Ardelyx in a report on Friday, November 1st. Wedbush reaffirmed an “outperform” rating and set a $11.00 price objective on shares of Ardelyx in a report on Friday, August 2nd. Finally, StockNews.com raised Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Ardelyx currently has an average rating of “Moderate Buy” and an average price target of $11.33.

Hedge Funds Weigh In On Ardelyx

A number of institutional investors have recently made changes to their positions in the stock. Nisa Investment Advisors LLC boosted its stake in shares of Ardelyx by 1,026.3% during the second quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock valued at $26,000 after acquiring an additional 3,233 shares during the last quarter. Redwood Wealth Management Group LLC acquired a new stake in shares of Ardelyx during the 2nd quarter worth about $62,000. Coastal Bridge Advisors LLC purchased a new stake in shares of Ardelyx during the second quarter worth about $74,000. Helen Stephens Group LLC acquired a new position in shares of Ardelyx in the third quarter valued at approximately $76,000. Finally, Paloma Partners Management Co purchased a new position in shares of Ardelyx during the first quarter valued at approximately $86,000. 58.92% of the stock is owned by institutional investors and hedge funds.

About Ardelyx

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.