Ardelyx (NASDAQ:ARDX) Shares Up 3.7%

Ardelyx, Inc. (NASDAQ:ARDX) traded up 3.7% on Friday . The stock traded as high as $7.53 and last traded at $7.50. 8,145 shares traded hands during trading, a decline of 99% from the average session volume of 1,589,140 shares. The stock had previously closed at $7.23.

Several analysts have issued reports on the company. Zacks Investment Research upgraded Ardelyx from a “sell” rating to a “hold” rating in a research note on Monday, May 24th. Wedbush began coverage on Ardelyx in a report on Monday, March 22nd. They issued an “outperform” rating and a $14.00 price target for the company. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $12.44.

The stock has a market cap of $750.19 million, a PE ratio of -6.71 and a beta of 1.95. The company’s 50-day simple moving average is $7.36. The company has a debt-to-equity ratio of 0.26, a current ratio of 4.91 and a quick ratio of 4.91.

Ardelyx (NASDAQ:ARDX) last announced its earnings results on Wednesday, May 5th. The biopharmaceutical company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.01). The business had revenue of $6.58 million during the quarter, compared to the consensus estimate of $1.10 million. Ardelyx had a negative return on equity of 78.63% and a negative net margin of 812.17%. Sell-side analysts anticipate that Ardelyx, Inc. will post -1.44 EPS for the current year.

In other news, insider David P. Rosenbaum sold 5,000 shares of the company’s stock in a transaction dated Tuesday, April 6th. The stock was sold at an average price of $8.00, for a total value of $40,000.00. Following the completion of the transaction, the insider now directly owns 160,047 shares in the company, valued at approximately $1,280,376. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 11,208 shares of company stock worth $84,413 in the last 90 days. Company insiders own 5.95% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. lifted its stake in shares of Ardelyx by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 101,451 shares of the biopharmaceutical company’s stock valued at $672,000 after acquiring an additional 2,704 shares during the last quarter. Copernicus Capital Management LLC purchased a new position in shares of Ardelyx in the first quarter worth $331,000. Millennium Management LLC boosted its position in Ardelyx by 11.7% during the 1st quarter. Millennium Management LLC now owns 706,173 shares of the biopharmaceutical company’s stock valued at $4,675,000 after buying an additional 74,117 shares during the period. Cubist Systematic Strategies LLC boosted its position in Ardelyx by 72.5% during the 1st quarter. Cubist Systematic Strategies LLC now owns 52,195 shares of the biopharmaceutical company’s stock valued at $346,000 after buying an additional 21,945 shares during the period. Finally, Royal Bank of Canada grew its holdings in Ardelyx by 491.2% in the 1st quarter. Royal Bank of Canada now owns 9,997 shares of the biopharmaceutical company’s stock worth $66,000 after acquiring an additional 8,306 shares during the last quarter. 85.76% of the stock is currently owned by institutional investors.

About Ardelyx (NASDAQ:ARDX)

Ardelyx, Inc, a biopharmaceutical company, develops and sells medicines for the treatment of kidney and cardiorenal diseases in the United States and internationally. The company's lead product candidate is tenapanor, which has completed Phase 3 clinical trial for the treatment of patients with irritable bowel syndrome with constipation, as well as in Phase 3 clinical trial for the treatment of hyperphosphatemia in end-stage renal disease patients on dialysis.

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