Ardelyx (NASDAQ:ARDX) Stock Price Down 5.6% – What’s Next?

Ardelyx, Inc. (NASDAQ:ARDX)’s share price traded down 5.6% during trading on Monday . The company traded as low as $5.38 and last traded at $5.40. 910,399 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 4,889,153 shares. The stock had previously closed at $5.72.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Citigroup lowered their price objective on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, November 4th. HC Wainwright lowered Ardelyx from a “buy” rating to a “neutral” rating and dropped 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, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Ardelyx has a consensus rating of “Moderate Buy” and an average price target 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 business’s 50 day moving average price is $5.72 and its 200 day moving average price is $5.96.

Insiders Place Their Bets

In related news, insider David P. Rosenbaum sold 5,312 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $6.26, for a total value of $33,253.12. Following the completion of the sale, the insider now directly owns 153,616 shares of the company’s stock, valued at $961,636.16. The trade was a 3.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Raab sold 25,000 shares of Ardelyx stock in a transaction on Monday, November 25th. The shares were sold at an average price of $5.38, for a total transaction of $134,500.00. Following the completion of the transaction, the chief executive officer now owns 1,150,385 shares in the company, valued at approximately $6,189,071.30. This trade represents a 2.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 252,068 shares of company stock valued at $1,472,641 over the last quarter. 5.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Ardelyx

A number of hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC lifted its holdings 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 acquiring an additional 3,233 shares during the last quarter. Redwood Wealth Management Group LLC acquired a new position in shares of Ardelyx in the 2nd quarter worth $62,000. Coastal Bridge Advisors LLC purchased a new stake in shares of Ardelyx during the second quarter valued at $74,000. Helen Stephens Group LLC purchased a new position in Ardelyx in the 3rd quarter worth about $76,000. Finally, CWM LLC raised its holdings in 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 buying an additional 9,821 shares during the period. Institutional investors and hedge funds 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.