Insider Selling: Ardelyx, Inc. (NASDAQ:ARDX) CEO Sells $13,440.70 in Stock

Ardelyx, Inc. (NASDAQ:ARDX) CEO Michael Raab sold 2,743 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $4.90, for a total transaction of $13,440.70. Following the completion of the transaction, the chief executive officer now owns 1,207,365 shares of the company’s stock, valued at $5,916,088.50. The trade was a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Michael Raab also recently made the following trade(s):

• On Monday, October 28th, Michael Raab sold 25,000 shares of Ardelyx stock. The shares were sold at an average price of $5.91, for a total transaction of $147,750.00.
• On Friday, October 11th, Michael Raab sold 7,500 shares of Ardelyx stock. The stock was sold at an average price of $6.01, for a total value of $45,075.00.
• On Thursday, September 26th, Michael Raab sold 3,000 shares of Ardelyx stock. The stock was sold at an average price of $6.07, for a total value of $18,210.00.
• On Wednesday, September 11th, Michael Raab sold 35,000 shares of Ardelyx stock. The shares were sold at an average price of $5.61, for a total value of $196,350.00.
• On Tuesday, August 27th, Michael Raab sold 7,500 shares of Ardelyx stock. The stock was sold at an average price of $6.22, for a total value of $46,650.00.
• On Tuesday, August 20th, Michael Raab sold 32,225 shares of Ardelyx stock. The shares were sold at an average price of $5.86, for a total transaction of $188,838.50.

Ardelyx Stock Performance

NASDAQ ARDX opened at $4.71 on Friday. The company has a market capitalization of $1.12 billion, a price-to-earnings ratio of -15.70 and a beta of 0.92. Ardelyx, Inc. has a twelve month low of $3.83 and a twelve month high of $10.13. The stock has a fifty day simple moving average of $5.97 and a 200 day simple moving average of $6.27. The company has a quick ratio of 3.87, a current ratio of 4.03 and a debt-to-equity ratio of 0.64.

Institutional Investors Weigh In On Ardelyx

Institutional investors and hedge funds have recently made changes to their positions in the stock. Eventide Asset Management LLC lifted its position in shares of Ardelyx by 11.2% in the 3rd quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company’s stock worth $51,076,000 after purchasing an additional 746,067 shares during the period. Vestal Point Capital LP bought a new position in Ardelyx during the third quarter worth $3,445,000. Rubric Capital Management LP lifted its holdings in Ardelyx by 68.5% in the third quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company’s stock valued at $21,085,000 after buying an additional 1,243,606 shares during the period. BNP Paribas Financial Markets boosted its position in Ardelyx by 274.3% during the third quarter. BNP Paribas Financial Markets now owns 181,387 shares of the biopharmaceutical company’s stock valued at $1,250,000 after acquiring an additional 132,928 shares during the last quarter. Finally, Propel Bio Management LLC grew its holdings in Ardelyx by 15.8% during the 3rd quarter. Propel Bio Management LLC now owns 1,070,947 shares of the biopharmaceutical company’s stock worth $7,379,000 after acquiring an additional 146,364 shares during the period. Institutional investors and hedge funds own 58.92% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ARDX. HC Wainwright downgraded shares of Ardelyx from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $11.00 to $5.50 in a research note on Monday. StockNews.com upgraded Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday, July 31st. Citigroup reduced their price objective on Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Finally, Wedbush reiterated an “outperform” rating and issued a $11.00 target price on shares of Ardelyx in a research report on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $10.42.

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.