Michael Raab Sells 22,964 Shares of Ardelyx, Inc. (NASDAQ:ARDX) Stock

Ardelyx, Inc. (NASDAQ:ARDX) CEO Michael Raab sold 22,964 shares of Ardelyx stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $5.62, for a total transaction of $129,057.68. Following the sale, the chief executive officer now directly owns 1,085,755 shares of the company’s stock, valued at $6,101,943.10. This represents a 2.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

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

• On Friday, January 31st, Michael Raab sold 41,666 shares of Ardelyx stock. The stock was sold at an average price of $5.36, for a total transaction of $223,329.76.
• On Tuesday, January 7th, Michael Raab sold 41,666 shares of Ardelyx stock. The stock was sold at an average price of $5.31, for a total transaction of $221,246.46.
• On Tuesday, December 10th, Michael Raab sold 25,000 shares of Ardelyx stock. The stock was sold at an average price of $5.26, for a total transaction of $131,500.00.
• On Monday, November 25th, Michael Raab sold 25,000 shares of Ardelyx stock. The shares were sold at an average price of $5.38, for a total transaction of $134,500.00.

Ardelyx Stock Down 11.6 %

ARDX traded down $0.67 during trading on Friday, hitting $5.06. The company had a trading volume of 6,744,975 shares, compared to its average volume of 4,432,597. The company has a market capitalization of $1.20 billion, a PE ratio of -16.85 and a beta of 0.85. Ardelyx, Inc. has a one year low of $4.32 and a one year high of $9.83. The firm’s 50-day moving average price is $5.30 and its 200 day moving average price is $5.64. The company has a quick ratio of 3.87, a current ratio of 4.03 and a debt-to-equity ratio of 0.64.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings results on Thursday, February 20th. The biopharmaceutical company reported $0.02 EPS for the quarter, hitting the consensus estimate of $0.02. Ardelyx had a negative net margin of 28.82% and a negative return on equity of 46.60%. The firm had revenue of $116.13 million for the quarter, compared to analysts’ expectations of $111.16 million. As a group, equities analysts expect that Ardelyx, Inc. will post -0.17 earnings per share for the current year.

Institutional Investors Weigh In On Ardelyx

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Janus Henderson Group PLC lifted its position in Ardelyx by 13.3% during the 4th quarter. Janus Henderson Group PLC now owns 24,387,941 shares of the biopharmaceutical company’s stock worth $123,587,000 after buying an additional 2,858,061 shares in the last quarter. Vanguard Group Inc. lifted its position in Ardelyx by 5.6% during the 4th quarter. Vanguard Group Inc. now owns 14,362,659 shares of the biopharmaceutical company’s stock worth $72,819,000 after buying an additional 767,111 shares in the last quarter. State Street Corp lifted its position in Ardelyx by 1.5% during the 3rd quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company’s stock worth $83,657,000 after buying an additional 176,789 shares in the last quarter. Eventide Asset Management LLC lifted its position in Ardelyx by 11.2% during the 3rd quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company’s stock worth $51,076,000 after buying an additional 746,067 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Ardelyx by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 5,509,730 shares of the biopharmaceutical company’s stock worth $27,941,000 after buying an additional 21,988 shares in the last quarter. 58.92% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Jefferies Financial Group decreased their price target on shares of Ardelyx from $11.00 to $8.00 and set a “buy” rating for the company in a report on Thursday, January 2nd. Piper Sandler boosted their price target on shares of Ardelyx from $7.00 to $8.00 and gave the company a “neutral” rating in a report on Monday, January 27th. Cantor Fitzgerald raised shares of Ardelyx to a “strong-buy” rating in a report on Thursday, January 30th. Raymond James reissued a “strong-buy” rating and issued a $13.00 price target (down previously from $15.00) on shares of Ardelyx in a report on Friday. Finally, HC Wainwright reissued a “neutral” rating and issued a $5.50 price target on shares of Ardelyx in a report on Friday. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $9.93.

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.