Ardelyx (NASDAQ:ARDX) Trading 4.1% Higher

Ardelyx Inc (NASDAQ:ARDX)’s share price traded up 4.1% during mid-day trading on Thursday . The company traded as high as $3.50 and last traded at $3.57, 32,854 shares traded hands during trading. A decline of 76% from the average session volume of 139,414 shares. The stock had previously closed at $3.43.

Separately, ValuEngine raised shares of Ardelyx from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Ardelyx currently has an average rating of “Hold” and a consensus price target of $8.08.

The company has a debt-to-equity ratio of 0.77, a quick ratio of 7.79 and a current ratio of 7.79. The stock’s 50-day simple moving average is $2.51 and its 200-day simple moving average is $2.84. The firm has a market capitalization of $226.08 million, a PE ratio of -2.22 and a beta of 1.87.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings data on Friday, August 9th. The biopharmaceutical company reported ($0.41) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.39) by ($0.02). The business had revenue of $0.02 million for the quarter, compared to analyst estimates of $0.60 million. As a group, analysts predict that Ardelyx Inc will post -1.53 earnings per share for the current fiscal year.

In other Ardelyx news, CEO Michael Raab sold 10,054 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $2.54, for a total transaction of $25,537.16. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders have sold 18,787 shares of company stock worth $47,753. Insiders own 15.31% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in Ardelyx by 7.4% during the 2nd quarter. BlackRock Inc. now owns 3,627,433 shares of the biopharmaceutical company’s stock valued at $9,758,000 after purchasing an additional 249,537 shares during the last quarter. Renaissance Technologies LLC grew its position in Ardelyx by 6.0% during the 2nd quarter. Renaissance Technologies LLC now owns 2,100,070 shares of the biopharmaceutical company’s stock valued at $5,649,000 after purchasing an additional 118,468 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Ardelyx by 4.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,644,481 shares of the biopharmaceutical company’s stock valued at $2,944,000 after purchasing an additional 73,030 shares during the last quarter. D. E. Shaw & Co. Inc. grew its position in Ardelyx by 16.1% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 809,476 shares of the biopharmaceutical company’s stock valued at $2,177,000 after purchasing an additional 111,963 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Ardelyx by 7.0% during the 4th quarter. Geode Capital Management LLC now owns 680,329 shares of the biopharmaceutical company’s stock valued at $1,217,000 after purchasing an additional 44,444 shares during the last quarter. 73.29% of the stock is currently owned by hedge funds and other institutional investors.

About Ardelyx (NASDAQ:ARDX)

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

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