Ardelyx (NASDAQ:ARDX) Stock Price Down 3.8% - Here's Why

Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report) shares dropped 3.8% on Tuesday . The company traded as low as $4.99 and last traded at $5.05. Approximately 1,903,364 shares changed hands during trading, a decline of 61% from the average daily volume of 4,875,531 shares. The stock had previously closed at $5.25.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. HC Wainwright downgraded shares of Ardelyx from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $11.00 to $5.50 in a research note on Monday, November 11th. Citigroup reduced their price objective on shares of Ardelyx from $12.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Ardelyx has an average rating of "Moderate Buy" and an average price target of $10.42.

Ardelyx Stock Down 3.4 %

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 company has a market capitalization of $1.20 billion, a price-to-earnings ratio of -16.90 and a beta of 0.83. The business's 50-day moving average is $5.31 and its 200-day moving average is $5.74.

Insider Buying and Selling at Ardelyx

In other news, Director David M. Mott purchased 213,300 shares of the stock in a transaction that occurred on Thursday, December 19th. The shares were purchased at an average cost of $4.67 per share, with a total value of $996,111.00. Following the completion of the acquisition, the director now owns 1,638,765 shares of the company's stock, valued at approximately $7,653,032.55. This represents a 14.96 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider David P. Rosenbaum sold 27,172 shares of the firm's stock in a transaction on Monday, November 4th. The shares were sold at an average price of $5.95, for a total transaction of $161,673.40. Following the sale, the insider now owns 153,616 shares in the company, valued at approximately $914,015.20. This represents a 15.03 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 184,192 shares of company stock worth $1,013,345. Insiders own 5.90% of the company's stock.

Institutional Investors Weigh In On Ardelyx

Several hedge funds have recently modified their holdings of ARDX. State Street Corp increased its stake in shares of Ardelyx by 1.5% in the 3rd quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company's stock valued at $83,657,000 after purchasing an additional 176,789 shares in the last quarter. Rubric Capital Management LP grew its holdings in Ardelyx by 68.5% in the third quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company's stock valued at $21,085,000 after purchasing an additional 1,243,606 shares during the period. BNP Paribas Financial Markets increased its position in shares of Ardelyx by 274.3% in the third quarter. BNP Paribas Financial Markets now owns 181,387 shares of the biopharmaceutical company's stock valued at $1,250,000 after buying an additional 132,928 shares in the last quarter. Vestal Point Capital LP purchased a new stake in shares of Ardelyx in the third quarter valued at approximately $3,445,000. Finally, Millennium Management LLC raised its stake in shares of Ardelyx by 142.8% during the 2nd quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company's stock worth $23,735,000 after buying an additional 1,883,995 shares during the period. 58.92% of the stock is owned by hedge funds and other 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.