Ardelyx, Inc. (NASDAQ:ARDX) Director Buys $388,645.00 in Stock

Ardelyx, Inc. (NASDAQ:ARDX) Director David M. Mott bought 77,729 shares of Ardelyx stock in a transaction that occurred on Monday, February 24th. The stock was purchased at an average price of $5.00 per share, for a total transaction of $388,645.00. Following the acquisition, the director now directly owns 2,015,494 shares of the company’s stock, valued at $10,077,470. The trade was a 4.01 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Ardelyx Trading Up 2.7 %

NASDAQ:ARDX opened at $5.36 on Friday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 4.31 and a current ratio of 4.58. Ardelyx, Inc. has a one year low of $4.32 and a one year high of $9.83. The business’s 50-day simple moving average is $5.33 and its 200 day simple moving average is $5.61. The stock has a market cap of $1.28 billion, a price-to-earnings ratio of -33.50 and a beta of 0.85.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings results on Thursday, February 20th. The biopharmaceutical company reported $0.02 EPS for the quarter, hitting the consensus estimate of $0.02. Ardelyx had a negative return on equity of 24.87% and a negative net margin of 11.73%. The business had revenue of $116.13 million for the quarter, compared to analysts’ expectations of $111.16 million. As a group, sell-side analysts predict that Ardelyx, Inc. will post -0.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. GF Fund Management CO. LTD. acquired a new position in shares of Ardelyx in the fourth quarter worth about $25,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Ardelyx in the fourth quarter worth about $35,000. SBI Securities Co. Ltd. acquired a new position in shares of Ardelyx in the fourth quarter worth about $41,000. Quarry LP acquired a new position in shares of Ardelyx in the fourth quarter worth about $51,000. Finally, Rehmann Capital Advisory Group acquired a new position in shares of Ardelyx in the fourth quarter worth about $51,000. Institutional investors and hedge funds own 58.92% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ARDX. Raymond James reiterated a “strong-buy” rating and issued a $13.00 target price (down previously from $15.00) on shares of Ardelyx in a report on Friday, February 21st. Cantor Fitzgerald raised Ardelyx to a “strong-buy” rating in a research report on Thursday, January 30th. HC Wainwright reissued a “neutral” rating and issued a $5.50 price objective on shares of Ardelyx in a research report on Friday, February 21st. Piper Sandler raised their price objective on Ardelyx from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Monday, January 27th. Finally, Jefferies Financial Group cut their price objective on Ardelyx from $11.00 to $8.00 and set a “buy” rating on the stock in a research report on Thursday, January 2nd. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $9.93.

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.