Ardelyx (NASDAQ:ARDX) Shares Up 5.8% – Should You Buy?

Ardelyx, Inc. (NASDAQ:ARDX) was up 5.8% during trading on Tuesday . The company traded as high as $5.31 and last traded at $5.29. Approximately 2,172,234 shares changed hands during trading, a decline of 38% from the average daily volume of 3,498,500 shares. The stock had previously closed at $5.00.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ARDX. 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. Jefferies Financial Group dropped their target price on Ardelyx from $11.00 to $8.00 and set a “buy” rating for the company in a report on Thursday, January 2nd. Finally, HC Wainwright cut Ardelyx from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $11.00 to $5.50 in a research note on Monday, November 11th. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $10.07.

Ardelyx Stock Performance

The business has a fifty day moving average of $5.23 and a 200 day moving average of $5.71. The company has a market cap of $1.26 billion, a P/E ratio of -17.80 and a beta of 0.85. The company has a quick ratio of 3.87, a current ratio of 4.03 and a debt-to-equity ratio of 0.64.

Insider Activity at Ardelyx

In other news, CFO Justin A. Renz sold 5,260 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $4.79, for a total value of $25,195.40. Following the transaction, the chief financial officer now owns 291,139 shares in the company, valued at $1,394,555.81. This represents a 1.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Raab sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $5.91, for a total transaction of $147,750.00. Following the sale, the chief executive officer now owns 1,210,108 shares of the company’s stock, valued at $7,151,738.28. This trade represents a 2.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 184,192 shares of company stock worth $1,013,345 over the last ninety days. 5.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ardelyx

Several hedge funds and other institutional investors have recently modified their holdings of ARDX. JPMorgan Chase & Co. grew its holdings in Ardelyx by 1.6% during the third quarter. JPMorgan Chase & Co. now owns 387,144 shares of the biopharmaceutical company’s stock valued at $2,667,000 after purchasing an additional 6,093 shares during the period. B. Riley Wealth Advisors Inc. boosted its holdings in Ardelyx by 3.4% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 90,000 shares of the biopharmaceutical company’s stock worth $599,000 after buying an additional 3,000 shares during the period. Geode Capital Management LLC increased its stake in Ardelyx by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 5,487,742 shares of the biopharmaceutical company’s stock worth $37,818,000 after buying an additional 17,296 shares in the last quarter. Barclays PLC raised its holdings in Ardelyx by 24.9% during the third quarter. Barclays PLC now owns 547,325 shares of the biopharmaceutical company’s stock valued at $3,770,000 after acquiring an additional 109,285 shares during the period. Finally, State Street Corp lifted its position in shares of Ardelyx by 1.5% in the third quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company’s stock valued at $83,657,000 after acquiring an additional 176,789 shares in the last quarter. 58.92% of the stock is currently owned by hedge funds and other institutional investors.

About Ardelyx

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.