Ardelyx (NASDAQ:ARDX) Shares Down 6.5% - Here's What Happened

Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report) shares dropped 6.5% during trading on Tuesday . The company traded as low as $5.02 and last traded at $5.04. Approximately 2,344,510 shares changed hands during trading, a decline of 52% from the average daily volume of 4,849,227 shares. The stock had previously closed at $5.39.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ARDX. Citigroup dropped their price target on Ardelyx from $12.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, November 4th. HC Wainwright downgraded shares of Ardelyx from a "buy" rating to a "neutral" rating and dropped their target price for the company from $11.00 to $5.50 in a report on Monday, November 11th. 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 data from MarketBeat.com, Ardelyx presently has an average rating of "Moderate Buy" and a consensus target price of $10.42.

Ardelyx Trading Down 13.5 %

The firm has a market cap of $1.10 billion, a price-to-earnings ratio of -16.37 and a beta of 0.83. The business has a 50 day moving average of $5.55 and a 200 day moving average of $5.89. The company has a quick ratio of 3.87, a current ratio of 4.03 and a debt-to-equity ratio of 0.64.

Insider Buying and Selling at Ardelyx

In other news, CEO Michael Raab sold 25,000 shares of the business's stock in a transaction on Monday, October 28th. The shares were sold at an average price of $5.91, for a total transaction of $147,750.00. Following the completion of the sale, the chief executive officer now directly 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider David P. Rosenbaum sold 49,564 shares of the company's stock in a transaction on Friday, September 27th. The stock was sold at an average price of $6.92, for a total value of $342,982.88. Following the sale, the insider now owns 301,946 shares of the company's stock, valued at approximately $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. In the last three months, insiders sold 236,756 shares of company stock worth $1,374,538. Insiders own 5.90% of the company's stock.

Institutional Investors Weigh In On Ardelyx

A number of institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC lifted its stake in shares of Ardelyx by 1,026.3% in the 2nd 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 acquired a new position in Ardelyx during the second quarter valued at approximately $62,000. Coastal Bridge Advisors LLC purchased a new stake in Ardelyx during the second quarter worth approximately $74,000. Helen Stephens Group LLC acquired a new stake in shares of Ardelyx in the third quarter worth $76,000. Finally, CWM LLC raised its stake in shares of Ardelyx by 328.1% in the 3rd quarter. CWM LLC now owns 12,814 shares of the biopharmaceutical company's stock valued at $88,000 after acquiring an additional 9,821 shares during the period. Hedge funds and other 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.

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