Ardelyx, Inc. (NASDAQ:ARDX) Director Acquires $996,111.00 in Stock

Ardelyx, Inc. (NASDAQ:ARDX) Director David M. Mott bought 213,300 shares of the business’s stock in a transaction on Thursday, December 19th. The shares were acquired at an average price of $4.67 per share, with a total value of $996,111.00. Following the completion of the purchase, the director now directly owns 1,638,765 shares of the company’s stock, valued at approximately $7,653,032.55. The trade was a 14.96 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink.

Ardelyx Trading Down 5.0 %

NASDAQ ARDX traded down $0.24 during trading hours on Monday, reaching $4.58. The company’s stock had a trading volume of 3,569,324 shares, compared to its average volume of 4,888,104. The firm has a fifty day simple moving average of $5.45 and a 200-day simple moving average of $5.83. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.03 and a quick ratio of 3.87. Ardelyx, Inc. has a 52 week low of $4.32 and a 52 week high of $10.13. The stock has a market cap of $1.08 billion, a P/E ratio of -15.27 and a beta of 0.83.

Hedge Funds Weigh In On Ardelyx

A number of hedge funds have recently modified their holdings of ARDX. State Street Corp raised its position in Ardelyx by 1.5% during the 3rd quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company’s stock worth $83,657,000 after purchasing an additional 176,789 shares during the last quarter. Eventide Asset Management LLC boosted its stake in shares of Ardelyx by 11.2% in the 3rd quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company’s stock valued at $51,076,000 after purchasing an additional 746,067 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Ardelyx by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 5,487,742 shares of the biopharmaceutical company’s stock valued at $37,818,000 after purchasing an additional 17,296 shares in the last quarter. Millennium Management LLC lifted its stake in Ardelyx by 142.8% in the second quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock valued at $23,735,000 after buying an additional 1,883,995 shares during the period. Finally, Rubric Capital Management LP grew its position in shares of Ardelyx by 68.5% during the 3rd quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company’s stock worth $21,085,000 after buying an additional 1,243,606 shares during the period. Institutional investors and hedge funds own 58.92% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Citigroup reduced their price objective on Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. HC Wainwright downgraded 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 note on Monday, November 11th. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Ardelyx currently has a consensus rating of “Moderate Buy” and an average target price of $10.42.

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.