Ardelyx (NASDAQ:ARDX) Shares Gap Up on Insider Buying Activity

Ardelyx, Inc. (NASDAQ:ARDX)’s share price gapped up prior to trading on Thursday after an insider bought additional shares in the company. The stock had previously closed at $5.05, but opened at $5.28. Ardelyx shares last traded at $5.21, with a volume of 1,368,265 shares trading hands.

Specifically, Director David M. Mott bought 199,000 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was purchased at an average price of $4.99 per share, for a total transaction of $993,010.00. Following the completion of the purchase, the director now owns 1,937,765 shares in the company, valued at approximately $9,669,447.35. This trade represents a 11.44 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Analysts Set New Price Targets

ARDX has been the subject of several analyst reports. HC Wainwright reaffirmed a “neutral” rating and set a $5.50 price objective on shares of Ardelyx in a research report on Thursday, January 16th. Citigroup lowered their price target on Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a report on Monday, November 4th. Finally, Jefferies Financial Group reduced their price objective on shares of Ardelyx from $11.00 to $8.00 and set a “buy” rating for the company in a research report on Thursday, January 2nd. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $9.25.

Ardelyx Stock Performance

The company has a market cap of $1.22 billion, a PE ratio of -17.18 and a beta of 0.85. The stock has a 50 day simple moving average of $5.17 and a two-hundred day simple moving average of $5.65. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.03 and a quick ratio of 3.87.

Hedge Funds Weigh In On Ardelyx

Several hedge funds have recently bought and sold shares of ARDX. State Street Corp grew its holdings in Ardelyx by 1.5% in the third quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company’s stock valued at $83,657,000 after purchasing an additional 176,789 shares during the last quarter. Rubric Capital Management LP boosted its position in shares of Ardelyx by 68.5% in the 3rd quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company’s stock worth $21,085,000 after buying an additional 1,243,606 shares in the last quarter. BNP Paribas Financial Markets boosted its position in shares of Ardelyx by 274.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 181,387 shares of the biopharmaceutical company’s stock worth $1,250,000 after buying an additional 132,928 shares in the last quarter. Vestal Point Capital LP acquired a new stake in Ardelyx in the 3rd quarter valued at about $3,445,000. Finally, JPMorgan Chase & Co. increased its holdings in Ardelyx by 1.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 387,144 shares of the biopharmaceutical company’s stock valued at $2,667,000 after acquiring an additional 6,093 shares in the last quarter. 58.92% of the stock is owned by hedge funds and other institutional investors.

Ardelyx Company Profile

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.