Ardelyx, Inc. (NASDAQ:ARDX) CEO Michael Raab Sells 25,000 Shares of Stock

Ardelyx, Inc. (NASDAQ:ARDX) CEO Michael Raab sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $5.26, for a total value of $131,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,150,385 shares of the company’s stock, valued at approximately $6,051,025.10. This represents a 2.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Michael Raab also recently made the following trade(s):

• On Monday, November 25th, Michael Raab sold 25,000 shares of Ardelyx stock. The stock was sold at an average price of $5.38, for a total value of $134,500.00.
• On Wednesday, November 20th, Michael Raab sold 31,980 shares of Ardelyx stock. The shares were sold at an average price of $4.79, for a total value of $153,184.20.
• On Monday, November 11th, Michael Raab sold 2,743 shares of Ardelyx stock. The stock was sold at an average price of $4.90, for a total transaction of $13,440.70.
• On Monday, October 28th, Michael Raab sold 25,000 shares of Ardelyx stock. The stock was sold at an average price of $5.91, for a total transaction of $147,750.00.
• On Friday, October 11th, Michael Raab sold 7,500 shares of Ardelyx stock. The stock was sold at an average price of $6.01, for a total value of $45,075.00.
• On Thursday, September 26th, Michael Raab sold 3,000 shares of Ardelyx stock. The shares were sold at an average price of $6.07, for a total value of $18,210.00.

Ardelyx Trading Down 1.5 %

Shares of NASDAQ:ARDX opened at $5.24 on Friday. The company’s fifty day moving average price is $5.60 and its 200-day moving average price is $5.92. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.03 and a quick ratio of 3.87. Ardelyx, Inc. has a one year low of $4.34 and a one year high of $10.13.

Hedge Funds Weigh In On Ardelyx

A number of large investors have recently modified their holdings of the company. State Street Corp grew its position in Ardelyx by 1.5% during the third quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company’s stock valued at $83,657,000 after acquiring an additional 176,789 shares during the last quarter. Eventide Asset Management LLC increased its holdings in shares of Ardelyx by 11.2% in the third quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company’s stock worth $51,076,000 after buying an additional 746,067 shares during the period. Geode Capital Management LLC lifted its stake in shares of Ardelyx by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 5,487,742 shares of the biopharmaceutical company’s stock valued at $37,818,000 after acquiring an additional 17,296 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Ardelyx by 142.8% during the second quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock valued at $23,735,000 after purchasing an additional 1,883,995 shares during the period. Finally, Rubric Capital Management LP increased its stake in shares of Ardelyx by 68.5% in the third quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company’s stock worth $21,085,000 after buying an additional 1,243,606 shares during the period. 58.92% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ARDX has been the topic of a number of recent research reports. HC Wainwright cut shares of Ardelyx from a “buy” rating to a “neutral” rating and dropped their price target for the company from $11.00 to $5.50 in a research note on Monday, November 11th. Citigroup cut their target price on Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Ardelyx currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.42.

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.