Ardelyx, Inc. (NASDAQ:ARDX) CEO Michael Raab Sells 41,666 Shares

Ardelyx, Inc. (NASDAQ:ARDX) CEO Michael Raab sold 41,666 shares of the firm’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $5.31, for a total transaction of $221,246.46. Following the completion of the transaction, the chief executive officer now directly owns 1,129,552 shares in the company, valued at approximately $5,997,921.12. The trade was a 3.56 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Michael Raab also recently made the following trade(s):

• On Tuesday, December 10th, Michael Raab sold 25,000 shares of Ardelyx stock. The stock was sold at an average price of $5.26, for a total transaction of $131,500.00.
• On Monday, November 25th, Michael Raab sold 25,000 shares of Ardelyx stock. The shares were sold at an average price of $5.38, for a total transaction of $134,500.00.
• On Wednesday, November 20th, Michael Raab sold 31,980 shares of Ardelyx stock. The stock was sold at an average price of $4.79, for a total value of $153,184.20.
• On Monday, November 11th, Michael Raab sold 2,743 shares of Ardelyx stock. The shares were sold at an average price of $4.90, for a total value of $13,440.70.
• On Monday, October 28th, Michael Raab sold 25,000 shares of Ardelyx stock. The stock was sold at an average price of $5.91, for a total value of $147,750.00.

Ardelyx Stock Performance

ARDX opened at $5.07 on Friday. 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 stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of -16.90 and a beta of 0.85. The company has a fifty day moving average of $5.20 and a 200 day moving average of $5.70. Ardelyx, Inc. has a fifty-two week low of $4.32 and a fifty-two week high of $10.13.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. 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 worth $83,657,000 after buying an additional 176,789 shares in the last quarter. Eventide Asset Management LLC raised its holdings in shares of Ardelyx by 11.2% during the 3rd quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company’s stock worth $51,076,000 after acquiring an additional 746,067 shares in the last quarter. Geode Capital Management LLC raised its holdings 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 worth $37,818,000 after acquiring an additional 17,296 shares in the last quarter. Millennium Management LLC boosted its position in shares of Ardelyx by 142.8% during the 2nd quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock valued at $23,735,000 after acquiring an additional 1,883,995 shares during the last quarter. Finally, Rubric Capital Management LP grew its holdings in shares of Ardelyx by 68.5% in the third quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company’s stock valued at $21,085,000 after purchasing an additional 1,243,606 shares in the last quarter. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on ARDX. HC Wainwright downgraded Ardelyx from a “buy” rating to a “neutral” rating and cut their price objective for the company from $11.00 to $5.50 in a research note on Monday, November 11th. Citigroup dropped their price target on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Finally, Jefferies Financial Group decreased their price objective on shares of Ardelyx from $11.00 to $8.00 and set a “buy” rating on the stock in a research report on Thursday, January 2nd. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $9.25.

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.