Ardelyx (NASDAQ:ARDX) Shares Up 5.8% – Still a Buy?

Ardelyx, Inc. (NASDAQ:ARDX)’s share price was up 5.8% during trading on Thursday . The company traded as high as $4.80 and last traded at $4.76. Approximately 4,511,224 shares were traded during mid-day trading, a decline of 9% from the average daily volume of 4,951,766 shares. The stock had previously closed at $4.50.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ARDX shares. Wedbush reaffirmed an “outperform” rating and issued a $11.00 target price on shares of Ardelyx in a report on Friday, August 2nd. StockNews.com raised Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Citigroup decreased their price target on Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Finally, HC Wainwright cut Ardelyx from a “buy” rating to a “neutral” rating and decreased their price target for the company from $11.00 to $5.50 in a report on Monday, November 11th. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $10.42.

Ardelyx Trading Up 5.5 %

The firm has a market capitalization of $1.18 billion, a P/E ratio of -16.57 and a beta of 0.92. The stock has a fifty day simple moving average of $5.93 and a 200 day simple moving average of $6.24. 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

In other news, insider David P. Rosenbaum sold 49,564 shares of Ardelyx stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $6.92, for a total transaction of $342,982.88. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael Raab sold 32,225 shares of Ardelyx 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 $188,838.50. Following the sale, the chief executive officer now directly owns 1,227,009 shares of the company’s stock, valued at $7,190,272.74. This represents a 2.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 247,983 shares of company stock worth $1,514,002 over the last 90 days. Corporate insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Ardelyx

Large investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC raised its stake in Ardelyx by 1,026.3% in the second 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 in the last quarter. Redwood Wealth Management Group LLC bought a new position in Ardelyx in the second quarter worth approximately $62,000. Coastal Bridge Advisors LLC bought a new position in Ardelyx in the second quarter worth approximately $74,000. Helen Stephens Group LLC bought a new position in Ardelyx in the third quarter worth approximately $76,000. Finally, Paloma Partners Management Co acquired a new position in shares of Ardelyx during the first quarter worth $86,000. Institutional investors 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.