Ardelyx (NASDAQ:ARDX) Shares Down 5.1%

Shares of Ardelyx, Inc. (NASDAQ:ARDX) fell 5.1% during mid-day trading on Monday . The stock traded as low as $4.29 and last traded at $4.32. 2,363,221 shares traded hands during trading, a decline of 61% from the average session volume of 6,086,543 shares. The stock had previously closed at $4.55.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Cantor Fitzgerald raised Ardelyx from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $5.00 to $10.00 in a research report on Friday, August 25th. LADENBURG THALM/SH SH raised their target price on Ardelyx from $7.50 to $8.50 and gave the stock a “buy” rating in a research report on Thursday, August 3rd. HC Wainwright assumed coverage on Ardelyx in a research report on Thursday, September 7th. They issued a “buy” rating and a $9.00 target price for the company. StockNews.com initiated coverage on Ardelyx in a research note on Friday, August 18th. They set a “hold” rating for the company. Finally, Wedbush reiterated an “outperform” rating and issued a $7.00 price objective on shares of Ardelyx in a research report on Wednesday, September 13th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.25.

Ardelyx Price Performance

The business has a fifty day simple moving average of $3.95 and a 200 day simple moving average of $4.00.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings data on Wednesday, August 2nd. The biopharmaceutical company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.04. Ardelyx had a negative net margin of 67.69% and a negative return on equity of 54.22%. The firm had revenue of $22.33 million for the quarter, compared to analysts’ expectations of $15.88 million. Equities research analysts expect that Ardelyx, Inc. will post -0.38 EPS for the current year.

Insider Transactions at Ardelyx

In related news, insider Laura A. Williams sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 27th. The shares were sold at an average price of $3.35, for a total transaction of $83,750.00. Following the sale, the insider now owns 294,430 shares in the company, valued at $986,340.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Laura A. Williams sold 25,000 shares of the company’s stock in a transaction dated Tuesday, June 27th. The shares were sold at an average price of $3.35, for a total transaction of $83,750.00. Following the completion of the transaction, the insider now owns 294,430 shares of the company’s stock, valued at approximately $986,340.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Michael Raab sold 11,419 shares of the business’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $3.55, for a total transaction of $40,537.45. Following the sale, the chief executive officer now directly owns 876,236 shares of the company’s stock, valued at $3,110,637.80. The disclosure for this sale can be found here. Insiders sold a total of 84,999 shares of company stock worth $302,310 over the last ninety days. 5.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ardelyx

Several institutional investors and hedge funds have recently modified their holdings of ARDX. California State Teachers Retirement System purchased a new position in Ardelyx in the 1st quarter worth approximately $710,000. Valeo Financial Advisors LLC lifted its holdings in Ardelyx by 18.4% in the 1st quarter. Valeo Financial Advisors LLC now owns 34,450 shares of the biopharmaceutical company’s stock worth $165,000 after buying an additional 5,350 shares in the last quarter. E Fund Management Co. Ltd. acquired a new stake in shares of Ardelyx during the first quarter valued at about $421,000. Cookson Peirce & Co. Inc. purchased a new stake in shares of Ardelyx during the first quarter worth about $240,000. Finally, Orchard Capital Management LLC lifted its stake in shares of Ardelyx by 103.8% in the fourth quarter. Orchard Capital Management LLC now owns 2,896,980 shares of the biopharmaceutical company’s stock worth $8,256,000 after acquiring an additional 1,475,500 shares in the last quarter. Hedge funds and other institutional investors own 58.19% 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.