Ardelyx Target of Unusually High Options Trading (NASDAQ:ARDX)

Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report) was the target of unusually large options trading on Wednesday. Traders acquired 12,093 put options on the stock. This is an increase of approximately 411% compared to the typical daily volume of 2,365 put options.

Ardelyx Price Performance

ARDX traded up $0.11 during trading on Monday, reaching $4.57. The stock had a trading volume of 4,496,974 shares, compared to its average volume of 4,381,781. The stock has a market cap of $1.09 billion, a PE ratio of -28.56 and a beta of 0.81. The company has a debt-to-equity ratio of 0.87, a quick ratio of 4.31 and a current ratio of 4.58. Ardelyx has a one year low of $4.02 and a one year high of $9.33. The business has a 50-day moving average of $5.22 and a 200-day moving average of $5.39.

Ardelyx (NASDAQ:ARDX - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The biopharmaceutical company reported $0.02 EPS for the quarter, meeting analysts' consensus estimates of $0.02. The business had revenue of $116.13 million for the quarter, compared to analysts' expectations of $111.16 million. Ardelyx had a negative net margin of 11.73% and a negative return on equity of 24.87%. As a group, equities research analysts anticipate that Ardelyx will post -0.18 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. LADENBURG THALM/SH SH reaffirmed a "buy" rating and issued a $11.00 price objective on shares of Ardelyx in a report on Friday, March 7th. Cantor Fitzgerald upgraded Ardelyx to a "strong-buy" rating in a research report on Tuesday, March 4th. Piper Sandler upgraded Ardelyx to a "hold" rating in a research note on Wednesday, March 12th. HC Wainwright restated a "neutral" rating and issued a $5.50 target price on shares of Ardelyx in a research note on Friday, February 21st. Finally, Scotiabank assumed coverage on Ardelyx in a research report on Friday, March 7th. They set a "sector outperform" rating and a $15.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Ardelyx presently has an average rating of "Moderate Buy" and a consensus price target of $10.61.

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Insiders Place Their Bets

In related news, insider Laura A. Williams sold 4,941 shares of Ardelyx stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $5.62, for a total value of $27,768.42. Following the completion of the sale, the insider now owns 303,804 shares of the company's stock, valued at approximately $1,707,378.48. This trade represents a 1.60 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Raab sold 41,666 shares of the business's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $5.36, for a total value of $223,329.76. Following the completion of the sale, the chief executive officer now owns 1,108,719 shares in the company, valued at $5,942,733.84. This represents a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 158,076 shares of company stock valued at $823,804. Insiders own 5.90% of the company's stock.

Hedge Funds Weigh In On Ardelyx

Large investors have recently added to or reduced their stakes in the business. GF Fund Management CO. LTD. bought a new position in shares of Ardelyx during the fourth quarter valued at about $25,000. GAMMA Investing LLC boosted its holdings in Ardelyx by 1,342.0% during the 1st quarter. GAMMA Investing LLC now owns 5,912 shares of the biopharmaceutical company's stock valued at $290,000 after acquiring an additional 5,502 shares during the period. Newbridge Financial Services Group Inc. purchased a new stake in Ardelyx during the 4th quarter valued at about $35,000. SBI Securities Co. Ltd. bought a new position in Ardelyx during the 4th quarter worth approximately $41,000. Finally, Quarry LP purchased a new position in Ardelyx in the 4th quarter worth approximately $51,000. Hedge funds and other 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.