Ardelyx (NASDAQ:ARDX) Trading Down 7.8% – Here’s What Happened

Ardelyx, Inc. (NASDAQ:ARDX) was down 7.8% on Monday . The company traded as low as $5.11 and last traded at $5.1150. Approximately 899,120 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 4,280,792 shares. The stock had previously closed at $5.55.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ARDX. Williams Trading set a $17.00 price target on Ardelyx in a research report on Thursday, March 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ardelyx in a research report on Monday, April 20th. Leerink Partners reissued an “outperform” rating on shares of Ardelyx in a report on Thursday, March 12th. Finally, LADENBURG THALM/SH SH started coverage on Ardelyx in a research report on Tuesday, June 16th. They issued a “buy” rating and a $16.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $15.73.

Ardelyx Trading Down 3.9%

The firm’s 50-day simple moving average is $6.09 and its 200 day simple moving average is $6.30. The company has a debt-to-equity ratio of 1.37, a current ratio of 3.49 and a quick ratio of 3.28. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of -23.19 and a beta of 0.58.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings results on Thursday, April 30th. The biopharmaceutical company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.02). Ardelyx had a negative net margin of 13.58% and a negative return on equity of 38.11%. The business had revenue of $94.47 million during the quarter, compared to the consensus estimate of $92.78 million. During the same quarter in the previous year, the business posted ($0.17) EPS. The company’s revenue for the quarter was up 27.5% on a year-over-year basis. Equities analysts expect that Ardelyx, Inc. will post -0.07 earnings per share for the current year.

Insider Transactions at Ardelyx

In other Ardelyx news, insider Eric Duane Foster sold 7,998 shares of the business’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $6.27, for a total transaction of $50,147.46. Following the completion of the transaction, the insider owned 417,972 shares of the company’s stock, valued at approximately $2,620,684.44. The trade was a 1.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mike Kelliher sold 7,248 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $6.27, for a total transaction of $45,444.96. Following the completion of the transaction, the insider directly owned 357,418 shares of the company’s stock, valued at $2,241,010.86. This trade represents a 1.99% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 24,572 shares of company stock worth $154,066. Company insiders own 5.30% of the company’s stock.

Institutional Trading of Ardelyx

A number of hedge funds have recently added to or reduced their stakes in the stock. First Horizon Corp grew its stake in shares of Ardelyx by 120.4% during the fourth quarter. First Horizon Corp now owns 7,906 shares of the biopharmaceutical company’s stock worth $46,000 after buying an additional 4,319 shares during the last quarter. Swiss Life Asset Management Ltd bought a new position in shares of Ardelyx in the 3rd quarter valued at $57,000. Sumitomo Mitsui Trust Group Inc. acquired a new stake in shares of Ardelyx during the 4th quarter valued at $60,000. State of Wyoming acquired a new stake in shares of Ardelyx during the 2nd quarter valued at $61,000. Finally, R Squared Ltd bought a new stake in Ardelyx during the 3rd quarter worth $62,000. Institutional investors and hedge funds own 58.92% of the company’s stock.

About Ardelyx

Ardelyx, Inc (NASDAQ: ARDX) is a clinical‐stage biopharmaceutical company focused on discovering, developing and commercializing targeted small molecule drugs for cardio‐renal and gastrointestinal diseases. The company’s lead marketed product, tenapanor (sold under the brand name XPHOZAH in the United States), is approved for the treatment of hyperphosphatemia in patients with chronic kidney disease on dialysis. Ardelyx’s proprietary approach targets epithelial transporters in the gastrointestinal tract, offering localized activity with limited systemic exposure.

Beyond tenapanor, Ardelyx’s development pipeline includes treatments designed to address other complications in kidney disease and related metabolic disorders.