Michael Raab Sells 32,225 Shares of Ardelyx, Inc. (NASDAQ:ARDX) Stock

Ardelyx, Inc. (NASDAQ:ARDX) CEO Michael Raab sold 32,225 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $5.86, for a total transaction of $188,838.50. Following the completion of the transaction, the chief executive officer now owns 1,227,009 shares of the company’s stock, valued at approximately $7,190,272.74. 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, August 12th, Michael Raab sold 1,229 shares of Ardelyx stock. The stock was sold at an average price of $5.71, for a total value of $7,017.59.
• On Monday, July 29th, Michael Raab sold 30,000 shares of Ardelyx stock. The shares were sold at an average price of $5.64, for a total transaction of $169,200.00.
• On Monday, July 15th, Michael Raab sold 7,500 shares of Ardelyx stock. The stock was sold at an average price of $5.97, for a total value of $44,775.00.
• On Friday, June 28th, Michael Raab sold 2,310 shares of Ardelyx stock. The shares were sold at an average price of $6.59, for a total transaction of $15,222.90.
• On Thursday, June 13th, Michael Raab sold 35,000 shares of Ardelyx stock. The stock was sold at an average price of $6.65, for a total value of $232,750.00.
• On Wednesday, May 29th, Michael Raab sold 7,500 shares of Ardelyx stock. The stock was sold at an average price of $6.72, for a total value of $50,400.00.

Ardelyx Price Performance

Shares of ARDX traded down $0.32 during mid-day trading on Thursday, reaching $6.05. 3,183,749 shares of the company’s stock were exchanged, compared to its average volume of 5,435,967. The company has a quick ratio of 4.36, a current ratio of 4.53 and a debt-to-equity ratio of 0.66. Ardelyx, Inc. has a 52-week low of $3.16 and a 52-week high of $10.13. The company has a market cap of $1.41 billion, a price-to-earnings ratio of -22.04 and a beta of 0.83. The company has a 50-day simple moving average of $5.88 and a two-hundred day simple moving average of $7.14.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.04. Ardelyx had a negative return on equity of 38.41% and a negative net margin of 31.02%. The company had revenue of $73.20 million during the quarter, compared to the consensus estimate of $55.03 million. During the same quarter last year, the business posted ($0.08) earnings per share. Ardelyx’s revenue was up 228.3% compared to the same quarter last year. On average, sell-side analysts predict that Ardelyx, Inc. will post -0.34 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ARDX. Wedbush reaffirmed an “outperform” rating and set a $11.00 price target on shares of Ardelyx in a research note on Friday, August 2nd. Citigroup upped their target price on shares of Ardelyx from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. HC Wainwright lifted their price target on shares of Ardelyx from $10.00 to $11.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Cantor Fitzgerald restated an “overweight” rating on shares of Ardelyx in a report on Thursday, June 20th. Finally, Piper Sandler downgraded Ardelyx from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $15.00 to $7.00 in a research note on Tuesday, July 2nd. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $11.43.

Institutional Trading of Ardelyx

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ARDX. Xponance Inc. boosted its stake in shares of Ardelyx by 12.6% during the 4th quarter. Xponance Inc. now owns 14,112 shares of the biopharmaceutical company’s stock worth $87,000 after purchasing an additional 1,575 shares during the last quarter. Mackenzie Financial Corp lifted its stake in shares of Ardelyx by 5.6% during the fourth quarter. Mackenzie Financial Corp now owns 30,269 shares of the biopharmaceutical company’s stock valued at $188,000 after buying an additional 1,608 shares during the period. World Equity Group Inc. boosted its position in Ardelyx by 15.4% during the second quarter. World Equity Group Inc. now owns 18,402 shares of the biopharmaceutical company’s stock worth $136,000 after acquiring an additional 2,453 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in Ardelyx by 1,026.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock worth $26,000 after acquiring an additional 3,233 shares during the period. Finally, ProShare Advisors LLC boosted its holdings in shares of Ardelyx by 8.9% during the first quarter. ProShare Advisors LLC now owns 57,729 shares of the biopharmaceutical company’s stock worth $421,000 after purchasing an additional 4,735 shares during the last quarter. Hedge funds and other institutional investors 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.