Ardelyx, Inc. (NASDAQ:ARDX) CEO Michael Raab Sells 7,500 Shares of Stock

Ardelyx, Inc. (NASDAQ:ARDX) CEO Michael Raab sold 7,500 shares of the stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $7.06, for a total transaction of $52,950.00. Following the sale, the chief executive officer now owns 1,310,933 shares in the company, valued at approximately $9,255,186.98. The transaction was disclosed in a document filed with the SEC, which is available at this link.

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

• On Monday, April 1st, Michael Raab sold 1,518 shares of Ardelyx stock. The stock was sold at an average price of $7.31, for a total value of $11,096.58.
• On Tuesday, February 20th, Michael Raab sold 22,917 shares of Ardelyx stock. The shares were sold at an average price of $8.75, for a total value of $200,523.75.

Ardelyx Price Performance

Shares of NASDAQ:ARDX opened at $6.55 on Thursday. Ardelyx, Inc. has a twelve month low of $3.16 and a twelve month high of $10.13. The stock’s 50 day moving average is $8.25 and its 200-day moving average is $6.57. The company has a quick ratio of 4.64, a current ratio of 4.88 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of -21.83 and a beta of 0.85.

Ardelyx (NASDAQ:ARDX) last posted its 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). The business had revenue of $34.36 million during the quarter, compared to analyst estimates of $34.26 million. Ardelyx had a negative return on equity of 43.57% and a negative net margin of 53.08%. The company’s revenue was down 22.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.06 EPS. Sell-side analysts forecast that Ardelyx, Inc. will post -0.44 EPS for the current fiscal year.

Institutional Investors Weigh In On Ardelyx

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp boosted its holdings in Ardelyx by 81.1% during the 1st quarter. Bank of New York Mellon Corp now owns 549,816 shares of the biopharmaceutical company’s stock worth $588,000 after acquiring an additional 246,147 shares during the last quarter. BlackRock Inc. boosted its holdings in Ardelyx by 1.3% during the first quarter. BlackRock Inc. now owns 5,700,576 shares of the biopharmaceutical company’s stock worth $6,100,000 after purchasing an additional 71,592 shares during the last quarter. State Street Corp boosted its holdings in Ardelyx by 7.0% during the first quarter. State Street Corp now owns 2,127,557 shares of the biopharmaceutical company’s stock worth $2,276,000 after purchasing an additional 139,484 shares during the last quarter. Mirabella Financial Services LLP bought a new stake in Ardelyx in the 1st quarter worth about $51,000. Finally, Worth Venture Partners LLC increased its stake in Ardelyx by 39.4% in the 1st quarter. Worth Venture Partners LLC now owns 768,036 shares of the biopharmaceutical company’s stock valued at $822,000 after buying an additional 217,061 shares during the last quarter. 58.92% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on ARDX shares. Cantor Fitzgerald reissued an “overweight” rating on shares of Ardelyx in a report on Friday, January 12th. Piper Sandler raised their target price on shares of Ardelyx from $12.00 to $15.00 and gave the company an “overweight” rating in a research report on Friday, February 23rd. StockNews.com lowered Ardelyx from a “hold” rating to a “sell” rating in a research report on Monday, February 26th. Raymond James raised their price target on shares of Ardelyx from $12.00 to $15.00 and gave the company a “strong-buy” rating in a research note on Tuesday, January 9th. Finally, Wedbush increased their price objective on Ardelyx from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Ardelyx currently has an average rating of “Moderate Buy” and an average price target of $12.69.

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.