Ardelyx (NASDAQ:ARDX) Shares Down 3.7% – Time to Sell?

Ardelyx, Inc. (NASDAQ:ARDX) traded down 3.7% during trading on Wednesday . The company traded as low as $5.39 and last traded at $5.41. 2,107,034 shares were traded during trading, a decline of 58% from the average session volume of 5,037,286 shares. The stock had previously closed at $5.62.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ARDX shares. Citigroup decreased their price objective on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a report on Monday, November 4th. HC Wainwright reissued a “neutral” rating and issued a $5.50 price objective on shares of Ardelyx in a report on Thursday. Finally, Jefferies Financial Group cut their price objective on Ardelyx from $11.00 to $8.00 and set a “buy” rating on the stock in a research note on Thursday, January 2nd. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $9.25.

Ardelyx Stock Down 2.9 %

The company has a debt-to-equity ratio of 0.64, a current ratio of 4.03 and a quick ratio of 3.87. The stock’s fifty day simple moving average is $5.15 and its 200-day simple moving average is $5.67. The stock has a market cap of $1.19 billion, a P/E ratio of -16.70 and a beta of 0.85.

Insider Activity at Ardelyx

In related news, insider David P. Rosenbaum sold 27,172 shares of Ardelyx stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $5.95, for a total value of $161,673.40. Following the sale, the insider now directly owns 153,616 shares in the company, valued at $914,015.20. This trade represents a 15.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael Raab sold 41,666 shares of the business’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $5.31, for a total transaction of $221,246.46. Following the transaction, the chief executive officer now directly owns 1,129,552 shares of the company’s stock, valued at $5,997,921.12. The trade was a 3.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 218,358 shares of company stock worth $1,189,516 in the last 90 days. 5.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ardelyx

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp boosted 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 acquiring an additional 176,789 shares during the period. Rubric Capital Management LP raised its stake in shares of Ardelyx by 68.5% during 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. BNP Paribas Financial Markets lifted its holdings in Ardelyx by 274.3% in the third quarter. BNP Paribas Financial Markets now owns 181,387 shares of the biopharmaceutical company’s stock worth $1,250,000 after purchasing an additional 132,928 shares during the period. Vestal Point Capital LP bought a new position in Ardelyx in the 3rd quarter valued at about $3,445,000. Finally, Millennium Management LLC increased its stake in 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 buying an additional 1,883,995 shares during the period. 58.92% of the stock is owned by 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.