Ardelyx (NASDAQ:ARDX) Shares Gap Up - What's Next?

Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report) shares gapped up prior to trading on Friday . The stock had previously closed at $4.71, but opened at $4.85. Ardelyx shares last traded at $4.78, with a volume of 870,646 shares changing hands.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ARDX shares. Wedbush reissued an "outperform" rating and set a $11.00 price target on shares of Ardelyx in a research report on Friday, August 2nd. StockNews.com raised shares of Ardelyx from a "sell" rating to a "hold" rating in a research report on Wednesday, July 31st. Citigroup reduced their price target on shares of Ardelyx from $12.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday, November 4th. Finally, HC Wainwright downgraded Ardelyx from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $11.00 to $5.50 in a research note on Monday. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $10.42.

Ardelyx Trading Up 5.5 %

The company has a quick ratio of 3.87, a current ratio of 4.03 and a debt-to-equity ratio of 0.64. The firm's 50 day moving average is $5.95 and its two-hundred day moving average is $6.25. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of -15.97 and a beta of 0.92.

Insider Buying and Selling

In other Ardelyx news, insider David P. Rosenbaum sold 20,507 shares of the firm's stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $6.00, for a total value of $123,042.00. Following the sale, the insider now owns 158,502 shares in the company, valued at approximately $951,012. This trade represents a 11.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Justin A. Renz sold 5,289 shares of the business's stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $5.86, for a total value of $30,993.54. Following the transaction, the chief financial officer now owns 295,257 shares of the company's stock, valued at approximately $1,730,206.02. This represents a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 247,983 shares of company stock valued at $1,514,002. Insiders own 5.90% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ARDX. Vanguard Group Inc. grew its position in 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 purchasing an additional 365,809 shares in the last quarter. Clay Northam Wealth Management LLC raised its position in Ardelyx by 154.7% during the second quarter. Clay Northam Wealth Management LLC now owns 232,377 shares of the biopharmaceutical company's stock valued at $1,722,000 after buying an additional 141,145 shares during the period. Russell Investments Group Ltd. lifted its stake in Ardelyx by 100.7% in the 1st quarter. Russell Investments Group Ltd. now owns 536,297 shares of the biopharmaceutical company's stock worth $3,915,000 after acquiring an additional 269,046 shares in the last quarter. ProShare Advisors LLC boosted its position in Ardelyx by 8.9% during the 1st quarter. ProShare Advisors LLC now owns 57,729 shares of the biopharmaceutical company's stock worth $421,000 after acquiring an additional 4,735 shares during the period. Finally, SG Americas Securities LLC grew its stake in Ardelyx by 283.2% during the 2nd quarter. SG Americas Securities LLC now owns 91,672 shares of the biopharmaceutical company's stock valued at $679,000 after acquiring an additional 67,750 shares in the last quarter. Institutional investors 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.