Ardelyx (NASDAQ:ARDX) Shares Gap Up Following Insider Buying Activity

Ardelyx, Inc. (NASDAQ:ARDX)’s stock price gapped up prior to trading on Thursday following insider buying activity. The stock had previously closed at $5.05, but opened at $5.28. Ardelyx shares last traded at $5.21, with a volume of 1,368,265 shares changing hands.

Specifically, Director David M. Mott purchased 199,000 shares of the stock in a transaction on Tuesday, January 21st. The shares were purchased at an average price of $4.99 per share, with a total value of $993,010.00. Following the acquisition, the director now directly owns 1,937,765 shares in the company, valued at approximately $9,669,447.35. The trade was a 11.44 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ARDX. HC Wainwright restated a “neutral” rating and issued a $5.50 price objective on shares of Ardelyx in a research report on Thursday, January 16th. Citigroup decreased their price target on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Finally, Jefferies Financial Group lowered 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 issued a buy rating to the company. According to data from MarketBeat.com, Ardelyx presently has an average rating of “Moderate Buy” and a consensus price target of $9.25.

Ardelyx Stock Performance

The company has a quick ratio of 3.87, a current ratio of 4.03 and a debt-to-equity ratio of 0.64. The company has a fifty day moving average price of $5.18 and a 200 day moving average price of $5.65. The stock has a market cap of $1.31 billion, a PE ratio of -18.40 and a beta of 0.85.

Institutional Trading of Ardelyx

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. B. Riley Wealth Advisors Inc. increased its stake in shares of Ardelyx by 3.4% in the third quarter. B. Riley Wealth Advisors Inc. now owns 90,000 shares of the biopharmaceutical company’s stock worth $599,000 after buying an additional 3,000 shares during the period. China Universal Asset Management Co. Ltd. grew its holdings in Ardelyx by 10.9% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 50,222 shares of the biopharmaceutical company’s stock worth $255,000 after acquiring an additional 4,942 shares during the last quarter. Aigen Investment Management LP increased its position in shares of Ardelyx by 29.4% in the third quarter. Aigen Investment Management LP now owns 23,510 shares of the biopharmaceutical company’s stock valued at $162,000 after acquiring an additional 5,346 shares during the period. Values First Advisors Inc. raised its stake in shares of Ardelyx by 14.6% during the third quarter. Values First Advisors Inc. now owns 46,282 shares of the biopharmaceutical company’s stock valued at $319,000 after acquiring an additional 5,890 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Ardelyx by 1.6% during the third quarter. JPMorgan Chase & Co. now owns 387,144 shares of the biopharmaceutical company’s stock worth $2,667,000 after purchasing an additional 6,093 shares during the period. Institutional investors 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.