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

Ardelyx, Inc. (NASDAQ:ARDX) CEO Michael Raab sold 7,500 shares of Ardelyx stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $7.06, for a total value of $52,950.00. Following the transaction, 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 legal filing with the SEC, which is available through 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 shares were 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 Stock Down 1.7 %

ARDX stock opened at $6.44 on Friday. The company has a current ratio of 4.88, a quick ratio of 4.64 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $1.50 billion, a PE ratio of -21.47 and a beta of 0.85. Ardelyx, Inc. has a 1-year low of $3.16 and a 1-year high of $10.13. The business’s 50 day simple moving average is $8.20 and its 200 day simple moving average is $6.57.

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 for 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 firm’s revenue was down 22.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.06 earnings per share. As a group, research analysts anticipate that Ardelyx, Inc. will post -0.44 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on ARDX. Piper Sandler lifted their price objective on Ardelyx from $12.00 to $15.00 and gave the company an “overweight” rating in a report on Friday, February 23rd. Raymond James lifted their target price on Ardelyx from $12.00 to $15.00 and gave the company a “strong-buy” rating in a research report on Tuesday, January 9th. Leerink Partnrs reissued an “outperform” rating on shares of Ardelyx in a research report on Friday, April 5th. Citigroup lifted their target price on Ardelyx from $9.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, January 10th. Finally, StockNews.com lowered Ardelyx from a “hold” rating to a “sell” rating in a research report on Monday, February 26th. One analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $12.69.

Institutional Trading of Ardelyx

Several institutional investors have recently added to or reduced their stakes in ARDX. Bank of New York Mellon Corp boosted its stake in Ardelyx by 81.1% in the 1st quarter. Bank of New York Mellon Corp now owns 549,816 shares of the biopharmaceutical company’s stock valued at $588,000 after purchasing an additional 246,147 shares during the period. BlackRock Inc. boosted its stake in Ardelyx by 1.3% in the 1st quarter. BlackRock Inc. now owns 5,700,576 shares of the biopharmaceutical company’s stock valued at $6,100,000 after purchasing an additional 71,592 shares during the period. State Street Corp boosted its stake in Ardelyx by 7.0% in the 1st quarter. State Street Corp now owns 2,127,557 shares of the biopharmaceutical company’s stock valued at $2,276,000 after purchasing an additional 139,484 shares during the period. Mirabella Financial Services LLP bought a new stake in Ardelyx in the 1st quarter valued at $51,000. Finally, Worth Venture Partners LLC boosted 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 purchasing an additional 217,061 shares during the period. 58.92% of the stock is currently owned by institutional investors.

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.