Ardelyx (NASDAQ:ARDX) Trading Down 6.5% – Time to Sell?

Shares of Ardelyx, Inc. (NASDAQ:ARDX) were down 6.5% during mid-day trading on Tuesday . The stock traded as low as $5.02 and last traded at $5.04. Approximately 2,344,510 shares traded hands during trading, a decline of 52% from the average daily volume of 4,849,227 shares. The stock had previously closed at $5.39.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. HC Wainwright downgraded shares of Ardelyx from a “buy” rating to a “neutral” rating and cut their price objective for the company from $11.00 to $5.50 in a report on Monday, November 11th. Citigroup lowered their price objective on Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $10.42.

Ardelyx Price Performance

The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.87 and a current ratio of 4.03. The company has a market cap of $1.11 billion, a price-to-earnings ratio of -15.63 and a beta of 0.83. The business has a fifty day moving average price of $5.50 and a 200 day moving average price of $5.86.

Insider Activity at Ardelyx

In other news, CFO Justin A. Renz sold 5,260 shares of Ardelyx stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $4.79, for a total transaction of $25,195.40. Following the transaction, the chief financial officer now owns 291,139 shares in the company, valued at approximately $1,394,555.81. The trade was a 1.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David P. Rosenbaum sold 49,564 shares of the firm’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $6.92, for a total value of $342,982.88. Following the transaction, the insider now directly owns 301,946 shares of the company’s stock, valued at approximately $2,089,466.32. This represents a 14.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 236,756 shares of company stock valued at $1,374,538. 5.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Ardelyx

A number of hedge funds have recently made changes to their positions in ARDX. B. Riley Wealth Advisors Inc. boosted its position in Ardelyx by 3.4% during the third quarter. B. Riley Wealth Advisors Inc. now owns 90,000 shares of the biopharmaceutical company’s stock valued at $599,000 after acquiring an additional 3,000 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in Ardelyx by 1,026.3% in the second quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock valued at $26,000 after acquiring an additional 3,233 shares during the period. Aigen Investment Management LP raised its position in shares of Ardelyx by 29.4% during the third quarter. Aigen Investment Management LP now owns 23,510 shares of the biopharmaceutical company’s stock worth $162,000 after purchasing an additional 5,346 shares during the period. Values First Advisors Inc. lifted its holdings in shares of Ardelyx by 14.6% in the 3rd quarter. Values First Advisors Inc. now owns 46,282 shares of the biopharmaceutical company’s stock worth $319,000 after purchasing an additional 5,890 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in Ardelyx by 34.3% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 28,365 shares of the biopharmaceutical company’s stock valued at $195,000 after purchasing an additional 7,245 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.