Ardelyx (NASDAQ:ARDX) Shares Down 4.6% – Should You Sell?

Ardelyx, Inc. (NASDAQ:ARDX) traded down 4.6% on Tuesday . The company traded as low as $4.73 and last traded at $4.73. 368,908 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 4,958,319 shares. The stock had previously closed at $4.96.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Citigroup cut their target price on Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. HC Wainwright cut Ardelyx from a “buy” rating to a “neutral” rating and reduced their target price for the company from $11.00 to $5.50 in a research note on Monday, November 11th. StockNews.com raised Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday, July 31st. Finally, Wedbush restated an “outperform” rating and set a $11.00 price target on shares of Ardelyx in a research report on Friday, August 2nd. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $10.42.

Ardelyx Stock Down 3.6 %

The stock’s 50 day simple moving average is $5.92 and its two-hundred day simple moving average is $6.23. The firm has a market cap of $1.13 billion, a P/E ratio of -16.53 and a beta of 0.92. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.03 and a quick ratio of 3.87.

Insider Activity at Ardelyx

In other Ardelyx news, CEO Michael Raab sold 7,500 shares of Ardelyx stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $6.22, for a total value of $46,650.00. Following the completion of the sale, the chief executive officer now owns 1,219,509 shares of the company’s stock, valued at approximately $7,585,345.98. The trade was a 0.61 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider David P. Rosenbaum sold 5,312 shares of Ardelyx stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $6.26, for a total transaction of $33,253.12. Following the completion of the sale, the insider now directly owns 153,616 shares of the company’s stock, valued at approximately $961,636.16. This trade represents a 3.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 189,962 shares of company stock valued at $1,171,128 over the last 90 days. Corporate insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Ardelyx

A number of large investors have recently added to or reduced their stakes in ARDX. Vanguard Group Inc. boosted its stake in shares of Ardelyx by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 13,391,855 shares of the biopharmaceutical company’s stock worth $97,761,000 after acquiring an additional 365,809 shares during the last quarter. State Street Corp boosted its stake in shares of 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 acquiring an additional 176,789 shares during the last quarter. Eventide Asset Management LLC lifted its stake in shares of Ardelyx by 11.2% during the 3rd quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company’s stock valued at $51,076,000 after buying an additional 746,067 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Ardelyx by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 5,487,742 shares of the biopharmaceutical company’s stock valued at $37,818,000 after buying an additional 17,296 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Ardelyx by 68.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,913,863 shares of the biopharmaceutical company’s stock valued at $28,572,000 after buying an additional 1,584,597 shares in the last quarter. Institutional investors own 58.92% of the company’s stock.

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.