Ardelyx (NASDAQ:ARDX) Insider Joseph James Reilly Sells 3,719 Shares of Stock

Ardelyx, Inc. (NASDAQ:ARDX) insider Joseph James Reilly sold 3,719 shares of the firm’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $6.27, for a total value of $23,318.13. Following the completion of the sale, the insider directly owned 149,107 shares in the company, valued at approximately $934,900.89. This represents a 2.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Ardelyx Trading Down 3.8%

Shares of NASDAQ:ARDX opened at $6.11 on Friday. The company has a market cap of $1.51 billion, a P/E ratio of -26.56 and a beta of 0.62. The stock’s 50-day moving average is $6.08 and its 200-day moving average is $6.29. Ardelyx, Inc. has a 52-week low of $3.49 and a 52-week high of $8.40. The company has a debt-to-equity ratio of 1.37, a quick ratio of 3.28 and a current ratio of 3.49.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings results on Thursday, April 30th. The biopharmaceutical company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.02). Ardelyx had a negative net margin of 13.58% and a negative return on equity of 38.11%. The business had revenue of $94.47 million during the quarter, compared to analyst estimates of $92.78 million. During the same period in the prior year, the business posted ($0.17) earnings per share. The company’s revenue for the quarter was up 27.5% compared to the same quarter last year. Equities research analysts predict that Ardelyx, Inc. will post -0.05 earnings per share for the current year.

Analyst Upgrades and Downgrades

ARDX has been the topic of a number of recent research reports. TD Cowen reissued a “buy” rating on shares of Ardelyx in a research report on Thursday, January 29th. Leerink Partners reissued an “outperform” rating on shares of Ardelyx in a research report on Thursday, March 12th. HC Wainwright lifted their target price on Ardelyx from $10.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. Jefferies Financial Group reissued a “buy” rating and set a $15.00 target price on shares of Ardelyx in a research report on Tuesday, January 27th. Finally, Wedbush reissued an “outperform” rating and set a $19.00 target price on shares of Ardelyx in a research report on Monday, February 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $15.70.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First Horizon Corp lifted its stake in Ardelyx by 120.4% during the fourth quarter. First Horizon Corp now owns 7,906 shares of the biopharmaceutical company’s stock worth $46,000 after purchasing an additional 4,319 shares during the period. SBI Securities Co. Ltd. lifted its stake in Ardelyx by 147.0% during the third quarter. SBI Securities Co. Ltd. now owns 10,253 shares of the biopharmaceutical company’s stock worth $56,000 after purchasing an additional 6,102 shares during the period. Sumitomo Mitsui Trust Group Inc. bought a new position in Ardelyx during the fourth quarter worth about $60,000. Swiss Life Asset Management Ltd bought a new position in Ardelyx during the third quarter worth about $57,000. Finally, Krilogy Financial LLC bought a new position in Ardelyx during the first quarter worth about $70,000. Institutional investors own 58.92% of the company’s stock.

About Ardelyx

Ardelyx, Inc (NASDAQ: ARDX) is a clinical‐stage biopharmaceutical company focused on discovering, developing and commercializing targeted small molecule drugs for cardio‐renal and gastrointestinal diseases. The company’s lead marketed product, tenapanor (sold under the brand name XPHOZAH in the United States), is approved for the treatment of hyperphosphatemia in patients with chronic kidney disease on dialysis. Ardelyx’s proprietary approach targets epithelial transporters in the gastrointestinal tract, offering localized activity with limited systemic exposure.

Beyond tenapanor, Ardelyx’s development pipeline includes treatments designed to address other complications in kidney disease and related metabolic disorders.