Ardelyx, Inc. (NASDAQ:ARDX) Sees Significant Decrease in Short Interest

Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report) was the recipient of a large decrease in short interest in the month of September. As of September 30th, there was short interest totalling 23,050,000 shares, a decrease of 11.1% from the September 15th total of 25,930,000 shares. Based on an average daily volume of 3,460,000 shares, the days-to-cover ratio is presently 6.7 days.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Citigroup lifted their price target on shares of Ardelyx from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Friday, August 2nd. Piper Sandler lowered shares of Ardelyx from an "overweight" rating to a "neutral" rating and dropped their price objective for the company from $15.00 to $7.00 in a research note on Tuesday, July 2nd. StockNews.com upgraded Ardelyx from a "sell" rating to a "hold" rating in a research note on Wednesday, July 31st. Cantor Fitzgerald reissued an "overweight" rating on shares of Ardelyx in a research note on Thursday, June 20th. Finally, Wedbush reaffirmed an "outperform" rating and set a $11.00 target price on shares of Ardelyx in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Ardelyx presently has a consensus rating of "Moderate Buy" and a consensus target price of $11.67.

Ardelyx Stock Performance

NASDAQ:ARDX traded down $0.02 during mid-day trading on Tuesday, hitting $5.97. 2,032,413 shares of the company traded hands, compared to its average volume of 4,961,136. The company has a quick ratio of 3.99, a current ratio of 4.21 and a debt-to-equity ratio of 0.68. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of -21.39 and a beta of 0.90. Ardelyx has a one year low of $3.33 and a one year high of $10.13. The stock's fifty day moving average price is $6.09 and its 200-day moving average price is $6.45.

Ardelyx (NASDAQ:ARDX - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, beating analysts' consensus estimates of ($0.11) by $0.04. Ardelyx had a negative net margin of 31.02% and a negative return on equity of 39.73%. The firm had revenue of $73.20 million for the quarter, compared to analyst estimates of $55.03 million. During the same period last year, the company posted ($0.08) EPS. Ardelyx's quarterly revenue was up 228.3% compared to the same quarter last year. Research analysts anticipate that Ardelyx will post -0.25 earnings per share for the current fiscal year.

Insider Activity at Ardelyx

In other news, CEO Michael Raab sold 30,000 shares of the company's stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $5.64, for a total value of $169,200.00. Following the transaction, the chief executive officer now owns 1,260,463 shares of the company's stock, valued at approximately $7,109,011.32. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Ardelyx news, CEO Michael Raab sold 30,000 shares of the company's stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $5.64, for a total transaction of $169,200.00. Following the completion of the sale, the chief executive officer now directly owns 1,260,463 shares in the company, valued at $7,109,011.32. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Justin A. Renz sold 5,289 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $5.86, for a total transaction of $30,993.54. Following the sale, the chief financial officer now owns 295,257 shares in the company, valued at approximately $1,730,206.02. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 217,126 shares of company stock worth $1,320,413 in the last 90 days. 5.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ardelyx

A number of hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC lifted its stake in shares of Ardelyx by 1,026.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company's stock worth $26,000 after acquiring an additional 3,233 shares during the period. Redwood Wealth Management Group LLC acquired a new stake in Ardelyx during the 2nd quarter worth approximately $62,000. Coastal Bridge Advisors LLC acquired a new stake in shares of Ardelyx in the second quarter valued at approximately $74,000. Helen Stephens Group LLC bought a new position in Ardelyx during the third quarter worth $76,000. Finally, Paloma Partners Management Co acquired a new position in Ardelyx in the first quarter valued at about $86,000. Institutional investors and hedge funds 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.