Ardelyx Inc. (ARDX) Trading Down 3.7% on Insider Selling
Ardelyx Inc. (NASDAQ:ARDX)’s share price traded down 3.7% during trading on Friday after an insider sold shares in the company. The company traded as low as $13.00 and last traded at $13.13, with a volume of 71,086 shares traded. The stock had previously closed at $13.63.
Specifically, SVP Elizabeth A. Grammer sold 5,000 shares of the stock in a transaction that occurred on Friday, September 23rd. The stock was sold at an average price of $12.00, for a total transaction of $60,000.00. Following the completion of the sale, the senior vice president now directly owns 1,440 shares of the company’s stock, valued at approximately $17,280. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Nea 15 Gp, Llc acquired 1,527,301 shares of the firm’s stock in a transaction on Monday, July 18th. The shares were bought at an average cost of $8.73 per share, with a total value of $13,333,337.73. The disclosure for this purchase can be found here. Company insiders own 15.46% of the company’s stock.
A number of analysts have weighed in on the company. Citigroup Inc. decreased their price objective on Ardelyx from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Wednesday, August 10th. Wedbush reaffirmed an “outperform” rating and set a $24.00 price objective on shares of Ardelyx in a research report on Thursday, June 23rd. Zacks Investment Research cut Ardelyx from a “buy” rating to a “hold” rating in a research report on Friday, August 12th. Leerink Swann reaffirmed a “buy” rating on shares of Ardelyx in a research report on Thursday, June 23rd. Finally, Cantor Fitzgerald reaffirmed a “buy” rating on shares of Ardelyx in a research report on Wednesday, June 22nd. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company’s stock. Ardelyx currently has a consensus rating of “Buy” and an average target price of $20.67.
The stock has a 50-day moving average of $11.97 and a 200 day moving average of $9.60. The stock’s market capitalization is $606.22 million.
Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings data on Monday, August 8th. The biopharmaceutical company reported ($0.83) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.75) by $0.08. Equities analysts predict that Ardelyx Inc. will post ($3.03) EPS for the current year.
A number of hedge funds have recently made changes to their positions in the stock. Deerfield Management Co. purchased a new stake in shares of Ardelyx during the first quarter valued at $2,137,000. JPMorgan Chase & Co. raised its position in Ardelyx by 1.1% in the first quarter. JPMorgan Chase & Co. now owns 98,242 shares of the biopharmaceutical company’s stock valued at $763,000 after buying an additional 1,063 shares during the period. State Street Corp raised its position in Ardelyx by 29.2% in the first quarter. State Street Corp now owns 271,831 shares of the biopharmaceutical company’s stock valued at $2,111,000 after buying an additional 61,386 shares during the period. Sabby Management LLC bought a new position in Ardelyx during the first quarter valued at approximately $173,000. Finally, Geode Capital Management LLC raised its position in Ardelyx by 206.8% in the first quarter. Geode Capital Management LLC now owns 144,821 shares of the biopharmaceutical company’s stock valued at $1,125,000 after buying an additional 97,621 shares during the period. 62.84% of the stock is owned by hedge funds and other institutional investors.
Ardelyx, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of minimally systemic therapeutic drugs that work in the gastrointestinal (GI) tract to treat GI and cardio-renal diseases. The Company operates through research, development and commercialization of biopharmaceutical products segment.
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