Ardelyx, Inc. (NASDAQ:ARDX) CEO Michael Raab Sells 41,666 Shares

Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report) CEO Michael Raab sold 41,666 shares of the company's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $5.36, for a total transaction of $223,329.76. Following the sale, the chief executive officer now directly owns 1,108,719 shares in the company, valued at approximately $5,942,733.84. This trade represents a 3.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Michael Raab also recently made the following trade(s):

• On Tuesday, January 7th, Michael Raab sold 41,666 shares of Ardelyx stock. The stock was sold at an average price of $5.31, for a total value of $221,246.46.
• On Tuesday, December 10th, Michael Raab sold 25,000 shares of Ardelyx stock. The shares were sold at an average price of $5.26, for a total value of $131,500.00.
• On Monday, November 25th, Michael Raab sold 25,000 shares of Ardelyx stock. The stock was sold at an average price of $5.38, for a total value of $134,500.00.
• On Wednesday, November 20th, Michael Raab sold 31,980 shares of Ardelyx stock. The shares were sold at an average price of $4.79, for a total transaction of $153,184.20.
• On Monday, November 11th, Michael Raab sold 2,743 shares of Ardelyx stock. The shares were sold at an average price of $4.90, for a total transaction of $13,440.70.

Ardelyx Price Performance

Shares of ARDX stock traded up $0.23 during trading hours on Tuesday, hitting $5.52. 3,043,739 shares of the company's stock were exchanged, compared to its average volume of 4,730,714. Ardelyx, Inc. has a 12-month low of $4.32 and a 12-month high of $10.13. The company has a market capitalization of $1.31 billion, a PE ratio of -18.40 and a beta of 0.85. The business's 50 day simple moving average is $5.23 and its 200-day simple moving average is $5.63. The company has a current ratio of 4.03, a quick ratio of 3.87 and a debt-to-equity ratio of 0.64.

Institutional Trading of Ardelyx

Several hedge funds have recently added to or reduced their stakes in ARDX. AQR Capital Management LLC increased its holdings in shares of Ardelyx by 145.6% in the second quarter. AQR Capital Management LLC now owns 416,353 shares of the biopharmaceutical company's stock worth $3,085,000 after buying an additional 246,819 shares during the period. Millennium Management LLC grew its position in 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 acquiring an additional 1,883,995 shares during the last quarter. Algert Global LLC purchased a new position in Ardelyx in the 2nd quarter worth approximately $174,000. Creative Planning lifted its position in Ardelyx by 90.0% in the second quarter. Creative Planning now owns 40,417 shares of the biopharmaceutical company's stock valued at $299,000 after purchasing an additional 19,140 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. purchased a new stake in shares of Ardelyx during the second quarter valued at approximately $645,000. 58.92% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Piper Sandler lifted their price objective on Ardelyx from $7.00 to $8.00 and gave the company a "neutral" rating in a research note on Monday, January 27th. Jefferies Financial Group cut their price objective on Ardelyx from $11.00 to $8.00 and set a "buy" rating for the company in a report on Thursday, January 2nd. HC Wainwright reiterated a "neutral" rating and set a $5.50 target price on shares of Ardelyx in a research report on Thursday, January 16th. Cantor Fitzgerald raised shares of Ardelyx to a "strong-buy" rating in a research note on Thursday, January 30th. Finally, Citigroup lowered their price objective 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. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $9.42.

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.