Ardelyx Sees Unusually High Options Volume (NASDAQ:ARDX)

Ardelyx, Inc. (NASDAQ:ARDX) was the target of some unusual options trading activity on Friday. Traders bought 18,613 call options on the stock. This is an increase of 219% compared to the average volume of 5,838 call options.

Ardelyx Price Performance

Ardelyx stock opened at $8.72 on Friday. The stock’s fifty day moving average price is $7.67 and its two-hundred day moving average price is $6.81. Ardelyx has a one year low of $3.16 and a one year high of $10.13. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.88 and a quick ratio of 4.64. The firm has a market cap of $2.04 billion, a PE ratio of -31.14 and a beta of 0.87.

Ardelyx (NASDAQ:ARDX) last issued its earnings results on Thursday, May 2nd. The biopharmaceutical company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. The firm had revenue of $46.00 million for the quarter, compared to the consensus estimate of $36.40 million. Ardelyx had a negative return on equity of 41.03% and a negative net margin of 41.36%. The company’s revenue was up 303.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.13) EPS. As a group, research analysts expect that Ardelyx will post -0.44 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently commented on ARDX shares. SVB Leerink started coverage on Ardelyx in a research report on Friday, April 5th. They set an “outperform” rating and a $14.00 price target for the company. StockNews.com cut Ardelyx from a “hold” rating to a “sell” rating in a research report on Monday, February 26th. Cantor Fitzgerald reissued an “overweight” rating on shares of Ardelyx in a research report on Friday, January 12th. Raymond James raised their price objective on Ardelyx from $12.00 to $15.00 and gave the company a “strong-buy” rating in a research report on Tuesday, January 9th. Finally, Piper Sandler raised their price objective on Ardelyx from $12.00 to $15.00 and gave the company an “overweight” rating in a research report on Friday, February 23rd. One research analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Ardelyx currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.81.

Insider Activity at Ardelyx

In other news, insider Elizabeth A. Grammer sold 86,000 shares of the company’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $7.73, for a total transaction of $664,780.00. Following the completion of the transaction, the insider now directly owns 312,993 shares of the company’s stock, valued at $2,419,435.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Elizabeth A. Grammer sold 86,000 shares of the company’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $7.73, for a total transaction of $664,780.00. Following the completion of the transaction, the insider now directly owns 312,993 shares of the company’s stock, valued at $2,419,435.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Raab sold 30,000 shares of the company’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $6.40, for a total value of $192,000.00. Following the transaction, the chief executive officer now directly owns 1,310,933 shares of the company’s stock, valued at $8,389,971.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 178,820 shares of company stock valued at $1,400,524. 5.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ardelyx

A number of large investors have recently modified their holdings of the business. Principal Financial Group Inc. boosted 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 valued at $897,000 after purchasing an additional 95,361 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Ardelyx by 66.7% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 44,754 shares of the biopharmaceutical company’s stock valued at $327,000 after acquiring an additional 17,903 shares in the last quarter. HighMark Wealth Management LLC acquired a new stake in shares of Ardelyx during the 1st quarter valued at $36,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Ardelyx during the 1st quarter valued at $64,000. Finally, Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Ardelyx by 37.2% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 438,827 shares of the biopharmaceutical company’s stock valued at $3,203,000 after acquiring an additional 118,879 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.