Ardelyx (NASDAQ:ARDX) Stock Price Down 3.7% - Time to Sell?

Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report) shares traded down 3.7% during mid-day trading on Wednesday . The company traded as low as $5.39 and last traded at $5.41. 2,107,034 shares changed hands during trading, a decline of 58% from the average session volume of 5,037,286 shares. The stock had previously closed at $5.62.

Wall Street Analysts Forecast Growth

ARDX has been the topic of a number of recent research reports. Citigroup lowered their target price on Ardelyx from $12.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, November 4th. HC Wainwright cut Ardelyx from a "buy" rating to a "neutral" rating and lowered their price target for the company from $11.00 to $5.50 in a research note on Monday, November 11th. Finally, Jefferies Financial Group cut their price objective on shares of Ardelyx from $11.00 to $8.00 and set a "buy" rating on the stock in a research report on Thursday, January 2nd. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Ardelyx has an average rating of "Moderate Buy" and a consensus price target of $9.25.

Ardelyx Stock Performance

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 has a 50-day moving average of $5.19 and a 200 day moving average of $5.68. The stock has a market capitalization of $1.27 billion, a P/E ratio of -17.90 and a beta of 0.85.

Insider Transactions at Ardelyx

In related news, CEO Michael Raab sold 41,666 shares of the firm'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 value of $221,246.46. Following the completion of the sale, the chief executive officer now owns 1,129,552 shares of the company's stock, valued at $5,997,921.12. This trade represents a 3.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Justin A. Renz sold 5,260 shares of the business's stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $4.79, for a total value of $25,195.40. Following the sale, the chief financial officer now owns 291,139 shares of the company's stock, valued at approximately $1,394,555.81. The trade was a 1.77 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 218,358 shares of company stock valued at $1,189,516. 5.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ARDX. Coastal Bridge Advisors LLC acquired a new stake in shares of Ardelyx during the second quarter worth about $74,000. Helen Stephens Group LLC bought a new stake in Ardelyx during the 3rd quarter worth approximately $76,000. CWM LLC raised its holdings in Ardelyx by 328.1% during 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 during the period. Algert Global LLC bought a new position in Ardelyx in the second quarter valued at approximately $174,000. Finally, Aigen Investment Management LP boosted its holdings in shares of Ardelyx by 29.4% in the third quarter. Aigen Investment Management LP now owns 23,510 shares of the biopharmaceutical company's stock valued at $162,000 after buying an additional 5,346 shares during the period. Institutional investors and hedge funds 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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