Ardelyx, Inc. (NASDAQ:ARDX) CEO Michael Raab Sells 7,500 Shares of Stock

Ardelyx, Inc. (NASDAQ:ARDX) CEO Michael Raab sold 7,500 shares of the firm’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $6.72, for a total transaction of $50,400.00. Following the sale, the chief executive officer now owns 1,270,273 shares in the company, valued at $8,536,234.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Tuesday, May 14th, Michael Raab sold 3,000 shares of Ardelyx stock. The stock was sold at an average price of $7.99, for a total transaction of $23,970.00.
• On Monday, April 29th, Michael Raab sold 30,000 shares of Ardelyx stock. The stock was sold at an average price of $6.40, for a total transaction of $192,000.00.
• On Monday, April 15th, Michael Raab sold 7,500 shares of Ardelyx stock. The stock was sold at an average price of $7.06, for a total transaction of $52,950.00.
• On Monday, April 1st, Michael Raab sold 1,518 shares of Ardelyx stock. The stock was sold at an average price of $7.31, for a total transaction of $11,096.58.

Ardelyx Trading Up 1.2 %

NASDAQ ARDX opened at $6.86 on Friday. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.53 and a quick ratio of 4.36. Ardelyx, Inc. has a 12-month low of $3.16 and a 12-month high of $10.13. The firm has a 50-day moving average price of $7.27 and a two-hundred day moving average price of $7.34.

Ardelyx (NASDAQ:ARDX) last posted its quarterly earnings data on Thursday, May 2nd. The biopharmaceutical company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. The firm had revenue of $46.00 million during the quarter, compared to the consensus estimate of $36.40 million. Ardelyx had a negative net margin of 41.36% and a negative return on equity of 41.65%. The business’s revenue for the quarter was up 303.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.13) EPS. On average, equities analysts predict that Ardelyx, Inc. will post -0.36 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. StockNews.com lowered shares of Ardelyx from a “hold” rating to a “sell” rating in a report on Tuesday, May 21st. Piper Sandler reiterated an “overweight” rating and issued a $15.00 price target on shares of Ardelyx in a research note on Friday, May 24th. SVB Leerink started coverage on shares of Ardelyx in a research note on Friday, April 5th. They issued an “outperform” rating and a $14.00 price target on the stock. Leerink Partnrs reiterated an “outperform” rating on shares of Ardelyx in a research note on Friday, April 5th. Finally, Citigroup boosted their price objective on shares of Ardelyx from $13.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Ardelyx currently has an average rating of “Moderate Buy” and a consensus price target of $12.81.

Institutional Trading of Ardelyx

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings 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 period. Eventide Asset Management LLC lifted its holdings in shares of Ardelyx by 152.5% during the 4th quarter. Eventide Asset Management LLC now owns 6,805,494 shares of the biopharmaceutical company’s stock worth $42,194,000 after acquiring an additional 4,110,494 shares during the period. Rubric Capital Management LP lifted its holdings in shares of Ardelyx by 60.5% during the 4th quarter. Rubric Capital Management LP now owns 4,012,753 shares of the biopharmaceutical company’s stock worth $24,879,000 after acquiring an additional 1,512,753 shares during the period. Price T Rowe Associates Inc. MD increased its position in 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 worth $28,572,000 after purchasing an additional 1,584,597 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. acquired a new position in Ardelyx during the 3rd quarter worth approximately $9,384,000. 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.