Traders Purchase High Volume of Ardelyx Put Options (NASDAQ:ARDX)

Ardelyx, Inc. (NASDAQ:ARDX) was the recipient of unusually large options trading activity on Wednesday. Stock traders bought 20,015 put options on the company. This is an increase of approximately 466% compared to the typical volume of 3,538 put options.

Trending Headlines about Ardelyx

Investors following ARDX have been watching these headlines:

• Positive Sentiment: BTIG Research lowered its price target from $14 to $11 but maintained a Buy rating, indicating the analyst still sees significant upside potential. The target cut, however, tempers the positive signal.
• Neutral Sentiment: Ardelyx plans to participate in a fireside chat at the Jefferies Global Healthcare Conference on November 17. The event could provide an opportunity for updates, but no new business information was announced. Ardelyx conference announcement
• Negative Sentiment: Traders bought about 20,015 ARDX put options, roughly 466% above the typical volume. The spike may reflect increased demand for downside protection or bearish positioning, though options activity alone does not establish the market’s outlook.

Ardelyx Stock Up 4.0%

ARDX stock opened at $3.13 on Thursday. The company has a debt-to-equity ratio of 1.54, a current ratio of 3.45 and a quick ratio of 3.26. The stock has a market capitalization of $786.79 million, a P/E ratio of -14.23 and a beta of 0.79. Ardelyx has a fifty-two week low of $2.80 and a fifty-two week high of $8.40. The business has a 50-day moving average of $3.30 and a 200-day moving average of $5.16.

Wall Street Analyst Weigh In

ARDX has been the subject of several analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of Ardelyx in a research report on Friday, September 25th. Citigroup cut their target price on shares of Ardelyx from $14.00 to $11.00 and set a “buy” rating on the stock in a report on Monday, August 10th. Piper Sandler cut their target price on shares of Ardelyx from $16.00 to $15.00 and set an “overweight” rating on the stock in a report on Monday, August 17th. HC Wainwright reissued a “buy” rating and set a $13.00 price target on shares of Ardelyx in a research report on Friday, August 7th. Finally, TD Cowen initiated coverage on shares of Ardelyx in a report on Wednesday, November 4th. They issued a “strong-buy” rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Ardelyx presently has an average rating of “Moderate Buy” and an average target price of $13.60.

Insider Activity at Ardelyx

In related news, insider Mike Kelliher sold 7,758 shares of Ardelyx stock in a transaction on Friday, August 21st. The stock was sold at an average price of $3.86, for a total transaction of $29,945.88. Following the completion of the sale, the insider directly owned 349,660 shares of the company’s stock, valued at $1,349,687.60. The trade was a 2.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider James Brady sold 15,136 shares of the company’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $3.86, for a total value of $58,424.96. Following the completion of the sale, the insider owned 245,930 shares of the company’s stock, valued at $949,289.80. This represents a 5.80% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 126,059 shares of company stock worth $486,588. 5.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ardelyx

Large investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Ardelyx in the second quarter valued at approximately $119,874,000. Jupiter Topco LLC acquired a new position in Ardelyx during the second quarter worth $27,043,000. AIGH Capital Management LLC bought a new position in Ardelyx in the second quarter valued at $16,320,000. Bank of America Corp DE increased its stake in Ardelyx by 5.8% in the 1st quarter. Bank of America Corp DE now owns 2,336,994 shares of the biopharmaceutical company’s stock valued at $13,999,000 after buying an additional 128,301 shares during the last quarter. Finally, Eversept Partners LP increased its stake in Ardelyx by 30.0% in the 1st quarter. Eversept Partners LP now owns 2,229,446 shares of the biopharmaceutical company’s stock valued at $13,354,000 after buying an additional 514,317 shares during the last quarter. Institutional investors and hedge funds own 58.92% of the company’s stock.

Ardelyx Company Profile

Ardelyx, Inc. is a biopharmaceutical company that develops and commercializes medicines for kidney and gastrointestinal diseases. Founded in 2007, the company has focused on treatments that work in the gastrointestinal tract, including therapies based on tenapanor. Ardelyx markets IBSRELA (tenapanor) in the United States for adults with irritable bowel syndrome with constipation. It also markets XPHOZAH (tenapanor) to help control serum phosphorus in adults with chronic kidney disease who are on dialysis.