Ardelyx (NASDAQ:ARDX) Sees Unusually-High Trading Volume - What's Next?

Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report) saw unusually-high trading volume on Monday . Approximately 4,924,021 shares changed hands during trading, an increase of 0% from the previous session's volume of 4,921,063 shares.The stock last traded at $4.64 and had previously closed at $5.07.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ARDX. HC Wainwright downgraded Ardelyx from a "buy" rating to a "neutral" rating and reduced their price target for the company from $11.00 to $5.50 in a report on Monday. Citigroup decreased their price target on shares of Ardelyx from $12.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, November 4th. StockNews.com raised shares of Ardelyx from a "sell" rating to a "hold" rating in a report on Wednesday, July 31st. Finally, Wedbush reissued 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 issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $10.42.

Ardelyx Stock Performance

The company has a market cap of $1.13 billion, a price-to-earnings ratio of -15.90 and a beta of 0.92. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.03 and a quick ratio of 3.87. The firm has a fifty day simple moving average of $6.04 and a 200 day simple moving average of $6.30.

Insider Activity

In other news, insider David P. Rosenbaum sold 49,564 shares of Ardelyx stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $6.92, for a total transaction of $342,982.88. Following the sale, the insider now directly owns 301,946 shares in the company, valued at approximately $2,089,466.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider David P. Rosenbaum sold 49,564 shares of Ardelyx stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $6.92, for a total value of $342,982.88. Following the completion of the transaction, the insider now owns 301,946 shares in the company, valued at approximately $2,089,466.32. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael Raab sold 32,225 shares of Ardelyx stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $5.86, for a total value of $188,838.50. Following the completion of the transaction, the chief executive officer now owns 1,227,009 shares of the company's stock, valued at approximately $7,190,272.74. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 265,240 shares of company stock worth $1,619,362. Company insiders own 5.90% of the company's stock.

Institutional Trading of Ardelyx

A number of hedge funds and other institutional investors have recently modified their holdings of ARDX. Vanguard Group Inc. raised its position in shares of Ardelyx by 2.8% during the first 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 last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Ardelyx by 68.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,913,863 shares of the biopharmaceutical company's stock valued at $28,572,000 after purchasing an additional 1,584,597 shares during the last quarter. Millennium Management LLC grew its position in shares of Ardelyx by 142.8% during the 2nd quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company's stock worth $23,735,000 after buying an additional 1,883,995 shares during the period. Redmile Group LLC bought a new stake in shares of Ardelyx during the first quarter worth approximately $16,020,000. Finally, Simplify Asset Management Inc. raised its stake in shares of Ardelyx by 15.3% during the third quarter. Simplify Asset Management Inc. now owns 689,364 shares of the biopharmaceutical company's stock worth $4,750,000 after buying an additional 91,364 shares during the last quarter. Institutional investors and hedge funds own 58.92% of the company's stock.

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.

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