Ardelyx (NASDAQ:ARDX) Stock Price Down 2.9% - What's Next?

Shares of Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report) traded down 2.9% on Wednesday . The company traded as low as $5.14 and last traded at $5.17. 1,123,619 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 4,307,325 shares. The stock had previously closed at $5.32.

Analyst Upgrades and Downgrades

ARDX has been the topic of a number of recent analyst reports. Raymond James reissued a "strong-buy" rating and issued a $13.00 price target (down previously from $15.00) on shares of Ardelyx in a research report on Friday, February 21st. BTIG Research started coverage on shares of Ardelyx in a research report on Tuesday, March 4th. They set a "buy" rating and a $14.00 target price for the company. Cantor Fitzgerald raised Ardelyx to a "strong-buy" rating in a research report on Tuesday, March 4th. Piper Sandler raised shares of Ardelyx to a "hold" rating in a research report on Wednesday, March 12th. Finally, LADENBURG THALM/SH SH restated a "buy" rating and set a $11.00 price target on shares of Ardelyx in a research note on Friday, March 7th. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $10.95.

Ardelyx Price Performance

The company's 50 day simple moving average is $5.43 and its two-hundred day simple moving average is $5.54. The company has a debt-to-equity ratio of 0.87, a current ratio of 4.58 and a quick ratio of 4.31. The stock has a market capitalization of $1.22 billion, a P/E ratio of -32.06 and a beta of 0.87.

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Ardelyx (NASDAQ:ARDX - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The biopharmaceutical company reported $0.02 earnings per share for the quarter, meeting the consensus estimate of $0.02. Ardelyx had a negative net margin of 11.73% and a negative return on equity of 24.87%. The firm had revenue of $116.13 million during the quarter, compared to analysts' expectations of $111.16 million. As a group, equities analysts expect that Ardelyx, Inc. will post -0.18 EPS for the current fiscal year.

Insider Buying and Selling at Ardelyx

In other news, insider Laura A. Williams sold 4,941 shares of the company's stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $5.62, for a total value of $27,768.42. Following the completion of the sale, the insider now directly owns 303,804 shares of the company's stock, valued at $1,707,378.48. This represents a 1.60 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Michael Raab sold 41,666 shares of the business's stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $5.31, for a total transaction of $221,246.46. Following the transaction, the chief executive officer now owns 1,129,552 shares of the company's stock, valued at approximately $5,997,921.12. This represents a 3.56 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 158,076 shares of company stock worth $853,804. Insiders own 5.90% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Janus Henderson Group PLC lifted its stake in Ardelyx by 13.3% in the fourth quarter. Janus Henderson Group PLC now owns 24,387,941 shares of the biopharmaceutical company's stock valued at $123,587,000 after buying an additional 2,858,061 shares in the last quarter. Vanguard Group Inc. raised its stake in Ardelyx by 5.6% in the fourth quarter. Vanguard Group Inc. now owns 14,362,659 shares of the biopharmaceutical company's stock valued at $72,819,000 after buying an additional 767,111 shares during the period. State Street Corp boosted its position in Ardelyx by 1.5% during the third quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company's stock worth $83,657,000 after purchasing an additional 176,789 shares during the period. Eventide Asset Management LLC raised its holdings in Ardelyx by 11.2% in the 3rd quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company's stock valued at $51,076,000 after acquiring an additional 746,067 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Ardelyx by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 5,509,730 shares of the biopharmaceutical company's stock valued at $27,941,000 after purchasing an additional 21,988 shares during the last quarter. 58.92% of the stock is owned by institutional investors and hedge funds.

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.