Ardelyx (NASDAQ:ARDX) Sets New 1-Year Low - Should You Sell?

Shares of Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report) reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $4.32 and last traded at $4.34, with a volume of 3196078 shares changing hands. The stock had previously closed at $4.66.

Analysts Set New Price Targets

A number of equities analysts have recently commented on ARDX shares. HC Wainwright downgraded Ardelyx from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $11.00 to $5.50 in a report on Monday, November 11th. Citigroup cut their price target on shares of Ardelyx from $12.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given 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 $10.42.

Ardelyx Price Performance

The stock has a market capitalization of $1.09 billion, a P/E ratio of -15.37 and a beta of 0.83. The company has a 50 day moving average of $5.50 and a 200-day moving average of $5.86. The company has a quick ratio of 3.87, a current ratio of 4.03 and a debt-to-equity ratio of 0.64.

Insiders Place Their Bets

In related news, CEO Michael Raab sold 25,000 shares of the business's stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $5.91, for a total transaction of $147,750.00. Following the sale, the chief executive officer now owns 1,210,108 shares of the company's stock, valued at $7,151,738.28. The trade was a 2.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David P. Rosenbaum sold 49,564 shares of the company's 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 completion of the sale, the insider now directly owns 301,946 shares of the company's stock, valued at $2,089,466.32. The trade was a 14.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 236,756 shares of company stock valued at $1,374,538 over the last three months. Company insiders own 5.90% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC lifted its holdings in shares of Ardelyx by 1,026.3% in the second quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company's stock valued at $26,000 after purchasing an additional 3,233 shares in the last quarter. Redwood Wealth Management Group LLC purchased a new stake in Ardelyx in the 2nd quarter worth about $62,000. Coastal Bridge Advisors LLC purchased a new stake in Ardelyx in the 2nd quarter worth about $74,000. Helen Stephens Group LLC acquired a new stake in Ardelyx during the 3rd quarter worth about $76,000. Finally, CWM LLC lifted its position in Ardelyx by 328.1% in the 3rd quarter. CWM LLC now owns 12,814 shares of the biopharmaceutical company's stock worth $88,000 after buying an additional 9,821 shares in the last quarter. 58.92% of the stock is currently owned by institutional investors and hedge funds.

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.