Ardelyx (NASDAQ:ARDX) Stock Price Down 3.5% - Here's Why

Shares of Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report) were down 3.5% on Tuesday . The company traded as low as $5.07 and last traded at $5.07. Approximately 287,901 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 4,306,771 shares. The stock had previously closed at $5.25.

Analysts Set New Price Targets

A number of equities research analysts recently commented on ARDX shares. LADENBURG THALM/SH SH reaffirmed a "buy" rating and set a $11.00 target price on shares of Ardelyx in a report on Friday, March 7th. BTIG Research began coverage on shares of Ardelyx in a report on Tuesday, March 4th. They issued a "buy" rating and a $14.00 price objective on the stock. HC Wainwright reissued a "neutral" rating and set a $5.50 target price on shares of Ardelyx in a report on Friday, February 21st. Jefferies Financial Group lowered their price target on shares of Ardelyx from $11.00 to $8.00 and set a "buy" rating on the stock in a report on Thursday, January 2nd. Finally, Scotiabank began coverage on Ardelyx in a research note on Friday, March 7th. They set a "sector outperform" rating and a $15.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Ardelyx currently has a consensus rating of "Moderate Buy" and a consensus price target of $10.95.

Ardelyx Trading Down 4.1 %

The firm has a market cap of $1.18 billion, a price-to-earnings ratio of -30.81 and a beta of 0.87. The company's 50-day moving average price is $5.40 and its 200-day moving average price is $5.52. The company has a quick ratio of 4.31, a current ratio of 4.58 and a debt-to-equity ratio of 0.87.

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Ardelyx (NASDAQ:ARDX - Get Free Report) last released its earnings results on Thursday, February 20th. The biopharmaceutical company reported $0.02 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.02. Ardelyx had a negative net margin of 11.73% and a negative return on equity of 24.87%. The business had revenue of $116.13 million during the quarter, compared to analyst estimates of $111.16 million. Equities analysts expect that Ardelyx, Inc. will post -0.18 EPS for the current fiscal year.

Insider Activity

In other news, Director David M. Mott bought 199,000 shares of the firm's stock in a transaction that occurred on Tuesday, January 21st. The shares were purchased at an average price of $4.99 per share, with a total value of $993,010.00. Following the purchase, the director now owns 1,937,765 shares in the company, valued at approximately $9,669,447.35. The trade was a 11.44 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 transaction of $221,246.46. Following the completion of the transaction, the chief executive officer now directly owns 1,129,552 shares of the company's stock, valued at approximately $5,997,921.12. The trade was a 3.56 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 158,076 shares of company stock valued at $853,804. 5.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ardelyx

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. GF Fund Management CO. LTD. acquired a new position in shares of Ardelyx during the 4th quarter worth about $25,000. Newbridge Financial Services Group Inc. acquired a new position in Ardelyx in the fourth quarter valued at approximately $35,000. SBI Securities Co. Ltd. acquired a new position in Ardelyx in the fourth quarter valued at approximately $41,000. Quarry LP acquired a new stake in Ardelyx during the fourth quarter worth approximately $51,000. Finally, Rehmann Capital Advisory Group purchased a new stake in shares of Ardelyx during the 4th quarter worth approximately $51,000. 58.92% of the stock is owned by institutional investors and hedge funds.

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.