Ardelyx (NASDAQ:ARDX) Shares Up 5.8% - What's Next?

Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report) was up 5.8% during trading on Tuesday . The stock traded as high as $5.31 and last traded at $5.29. Approximately 2,172,234 shares were traded during trading, a decline of 38% from the average daily volume of 3,498,500 shares. The stock had previously closed at $5.00.

Analyst Ratings Changes

ARDX has been the topic of a number of research analyst reports. Jefferies Financial Group reduced their price target on shares of Ardelyx from $11.00 to $8.00 and set a "buy" rating on the stock in a research note on Thursday, January 2nd. Citigroup cut their target price 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 shares of Ardelyx from a "buy" rating to a "neutral" rating and lowered their price target for the stock from $11.00 to $5.50 in a report on Monday, November 11th. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $10.07.

Ardelyx Stock Performance

The firm has a market capitalization of $1.28 billion, a P/E ratio of -18.03 and a beta of 0.85. The company has a 50-day moving average of $5.25 and a 200-day moving average of $5.72. The company has a current ratio of 4.03, a quick ratio of 3.87 and a debt-to-equity ratio of 0.64.

Insider Buying and Selling at Ardelyx

In other Ardelyx news, insider David P. Rosenbaum sold 27,172 shares of the business's stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $5.95, for a total value of $161,673.40. Following the transaction, the insider now directly owns 153,616 shares of the company's stock, valued at approximately $914,015.20. The trade was a 15.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David M. Mott acquired 213,300 shares of Ardelyx stock in a transaction dated Thursday, December 19th. The shares were bought at an average cost of $4.67 per share, with a total value of $996,111.00. Following the transaction, the director now owns 1,638,765 shares in the company, valued at approximately $7,653,032.55. This trade represents a 14.96 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 184,192 shares of company stock valued at $1,013,345. 5.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Redwood Wealth Management Group LLC acquired a new position in shares of Ardelyx during the second quarter valued at about $62,000. Coastal Bridge Advisors LLC bought a new position in Ardelyx in the second quarter worth approximately $74,000. Helen Stephens Group LLC bought a new position in Ardelyx in the third quarter worth approximately $76,000. CWM LLC grew its stake in Ardelyx by 328.1% in the third 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. Finally, Aigen Investment Management LP increased its holdings in shares of Ardelyx by 29.4% during the third quarter. Aigen Investment Management LP now owns 23,510 shares of the biopharmaceutical company's stock valued at $162,000 after acquiring an additional 5,346 shares in the last quarter. 58.92% of the stock is owned by institutional investors.

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.