Shares of Ardelyx Inc. (NASDAQ:ARDX) fell 1.7% on Thursday after an insider sold shares in the company. The company traded as low as $11.41 and last traded at $11.77, with a volume of 57,738 shares traded. The stock had previously closed at $11.97.
Specifically, major shareholder Nea 15 Gp, Llc purchased 1,527,301 shares of the company’s stock in a transaction that occurred on Monday, July 18th. The stock was bought at an average price of $8.73 per share, with a total value of $13,333,337.73. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Elizabeth A. Grammer sold 6,859 shares of the firm’s stock in a transaction on Monday, September 19th. The stock was sold at an average price of $11.21, for a total value of $76,889.39. The disclosure for this sale can be found here. 15.46% of the stock is owned by corporate insiders.
A number of brokerages recently commented on ARDX. Zacks Investment Research lowered Ardelyx from a “buy” rating to a “hold” rating in a research note on Friday, August 12th. Citigroup Inc. lowered their price objective on Ardelyx from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Wednesday, August 10th. Wedbush reissued an “outperform” rating and set a $24.00 price objective on shares of Ardelyx in a research report on Thursday, June 23rd. Cantor Fitzgerald reissued a “buy” rating on shares of Ardelyx in a research report on Wednesday, June 22nd. Finally, Leerink Swann reissued a “buy” rating on shares of Ardelyx in a research report on Thursday, June 23rd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $20.00.
The firm’s 50-day moving average is $10.48 and its 200 day moving average is $8.96. The company’s market capitalization is $559.20 million.
Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings data on Monday, August 8th. The biopharmaceutical company reported ($0.83) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.75) by $0.08. Analysts anticipate that Ardelyx Inc. will post ($3.03) EPS for the current fiscal year.
Institutional investors have recently made changes to their positions in the stock. Highbridge Capital Management LLC acquired a new position in shares of Ardelyx during the second quarter valued at approximately $129,000. ProShare Advisors LLC increased its position in shares of Ardelyx by 0.9% in the second quarter. ProShare Advisors LLC now owns 28,575 shares of the biopharmaceutical company’s stock valued at $249,000 after buying an additional 262 shares during the period. Rhumbline Advisers increased its position in shares of Ardelyx by 25.7% in the second quarter. Rhumbline Advisers now owns 24,739 shares of the biopharmaceutical company’s stock valued at $216,000 after buying an additional 5,053 shares during the period. Teachers Advisors Inc. increased its position in shares of Ardelyx by 10.0% in the second quarter. Teachers Advisors Inc. now owns 32,540 shares of the biopharmaceutical company’s stock valued at $284,000 after buying an additional 2,956 shares during the period. Finally, American International Group Inc. increased its position in shares of Ardelyx by 36.8% in the second quarter. American International Group Inc. now owns 13,176 shares of the biopharmaceutical company’s stock valued at $115,000 after buying an additional 3,544 shares during the period. 62.84% of the stock is currently owned by institutional investors.
Ardelyx Company Profile
Ardelyx, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of minimally systemic therapeutic drugs that work in the gastrointestinal (GI) tract to treat GI and cardio-renal diseases. The Company operates through research, development and commercialization of biopharmaceutical products segment.
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