Ardelyx (NASDAQ:ARDX) Shares Gap Up Following Insider Buying Activity

Ardelyx, Inc. (NASDAQ:ARDX)’s share price gapped up prior to trading on Thursday after an insider bought additional shares in the company. The stock had previously closed at $5.05, but opened at $5.28. Ardelyx shares last traded at $5.21, with a volume of 1,368,265 shares changing hands.

Specifically, Director David M. Mott bought 199,000 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was acquired at an average price of $4.99 per share, for a total transaction of $993,010.00. Following the completion of the transaction, the director now directly owns 1,937,765 shares of the company’s stock, valued at approximately $9,669,447.35. This represents a 11.44 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Upgrades and Downgrades

ARDX has been the subject of several recent research reports. HC Wainwright restated a “neutral” rating and issued a $5.50 price target on shares of Ardelyx in a report on Thursday, January 16th. Jefferies Financial Group dropped their price objective on Ardelyx from $11.00 to $8.00 and set a “buy” rating on the stock in a research report on Thursday, January 2nd. Finally, Citigroup decreased their price target on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $9.25.

Ardelyx Stock Performance

The company has a quick ratio of 3.87, a current ratio of 4.03 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $1.22 billion, a PE ratio of -17.18 and a beta of 0.85. The firm has a 50-day moving average price of $5.17 and a 200 day moving average price of $5.65.

Hedge Funds Weigh In On Ardelyx

Institutional investors have recently bought and sold shares of the company. KBC Group NV increased its position in shares of Ardelyx by 101.8% during the fourth quarter. KBC Group NV now owns 13,706 shares of the biopharmaceutical company’s stock worth $69,000 after acquiring an additional 6,915 shares during the period. Coastal Bridge Advisors LLC purchased a new stake in Ardelyx during the 2nd quarter worth about $74,000. Helen Stephens Group LLC acquired a new stake in Ardelyx in the 3rd quarter valued at about $76,000. CWM LLC boosted its stake in shares of Ardelyx by 328.1% in the 3rd quarter. CWM LLC now owns 12,814 shares of the biopharmaceutical company’s stock valued at $88,000 after buying an additional 9,821 shares during the period. Finally, Aigen Investment Management LP grew its position in shares of Ardelyx by 29.4% during the third quarter. Aigen Investment Management LP now owns 23,510 shares of the biopharmaceutical company’s stock worth $162,000 after buying an additional 5,346 shares in the last quarter. 58.92% of the stock is owned by institutional investors and hedge funds.

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.