Ardelyx (NASDAQ:ARDX) Sets New 1-Year Low – Should You Sell?

Ardelyx, Inc. (NASDAQ:ARDX) shares reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $4.32 and last traded at $4.34, with a volume of 3196078 shares. The stock had previously closed at $4.66.

Wall Street Analyst Weigh In

ARDX has been the topic of a number of recent research reports. HC Wainwright cut shares of Ardelyx from a “buy” rating to a “neutral” rating and reduced their price target for the company from $11.00 to $5.50 in a research report on Monday, November 11th. Citigroup reduced their target price on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $10.42.

Ardelyx Stock Performance

The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.87 and a current ratio of 4.03. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of -15.30 and a beta of 0.83. The stock’s fifty day moving average is $5.53 and its two-hundred day moving average is $5.87.

Insider Activity

In related news, CFO Justin A. Renz sold 5,260 shares of Ardelyx stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $4.79, for a total value of $25,195.40. Following the completion of the transaction, the chief financial officer now directly owns 291,139 shares in the company, valued at approximately $1,394,555.81. This trade represents a 1.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider David P. Rosenbaum sold 49,564 shares of Ardelyx stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $6.92, for a total value of $342,982.88. Following the completion of the transaction, the insider now owns 301,946 shares of the company’s stock, valued at approximately $2,089,466.32. The trade was a 14.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 236,756 shares of company stock worth $1,374,538 over the last ninety days. Corporate 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 company. Nisa Investment Advisors LLC lifted its position 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 buying an additional 3,233 shares during the last quarter. Redwood Wealth Management Group LLC bought a new position in Ardelyx in the second quarter worth about $62,000. Coastal Bridge Advisors LLC acquired a new position in Ardelyx in the second quarter valued at approximately $74,000. Helen Stephens Group LLC bought a new position in shares of Ardelyx during the third quarter valued at approximately $76,000. Finally, CWM LLC raised its position in shares of Ardelyx by 328.1% during the 3rd quarter. CWM LLC now owns 12,814 shares of the biopharmaceutical company’s stock worth $88,000 after purchasing an additional 9,821 shares during the period. 58.92% of the stock is currently owned by institutional investors.

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.