Short Interest in Ardelyx, Inc. (NASDAQ:ARDX) Grows By 5.1%

Ardelyx, Inc. (NASDAQ:ARDX) was the recipient of a large increase in short interest in October. As of October 31st, there was short interest totalling 24,060,000 shares, an increase of 5.1% from the October 15th total of 22,890,000 shares. Based on an average daily volume of 3,460,000 shares, the days-to-cover ratio is currently 7.0 days.

Insider Activity

In related news, insider David P. Rosenbaum sold 49,564 shares of Ardelyx stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $6.92, for a total value of $342,982.88. Following the sale, the insider now directly owns 301,946 shares in the company, valued at approximately $2,089,466.32. The trade was a 14.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael Raab sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $6.22, for a total value of $46,650.00. Following the sale, the chief executive officer now owns 1,219,509 shares of the company’s stock, valued at $7,585,345.98. The trade was a 0.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 189,962 shares of company stock valued at $1,171,128 in the last three months. 5.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ardelyx

Several institutional investors have recently made changes to their positions in ARDX. Vanguard Group Inc. increased its holdings in shares of Ardelyx by 2.8% during the first quarter. Vanguard Group Inc. now owns 13,391,855 shares of the biopharmaceutical company’s stock valued at $97,761,000 after purchasing an additional 365,809 shares during the period. State Street Corp grew its holdings in shares of Ardelyx by 1.5% in 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 last quarter. Eventide Asset Management LLC lifted its stake in Ardelyx by 11.2% during the third quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company’s stock valued at $51,076,000 after buying an additional 746,067 shares in the last quarter. Geode Capital Management LLC boosted its stake in Ardelyx by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 5,487,742 shares of the biopharmaceutical company’s stock worth $37,818,000 after purchasing an additional 17,296 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its position in Ardelyx by 68.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,913,863 shares of the biopharmaceutical company’s stock worth $28,572,000 after purchasing an additional 1,584,597 shares in the last quarter. 58.92% of the stock is owned by institutional investors.

Ardelyx Stock Down 0.2 %

Shares of Ardelyx stock opened at $4.96 on Tuesday. Ardelyx has a twelve month low of $4.06 and a twelve month high of $10.13. The company has a fifty day moving average price of $5.93 and a 200 day moving average price of $6.24. The company has a current ratio of 4.03, a quick ratio of 3.87 and a debt-to-equity ratio of 0.64. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of -16.57 and a beta of 0.92.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ARDX shares. Wedbush restated an “outperform” rating and set a $11.00 price target on shares of Ardelyx in a research note on Friday, August 2nd. Citigroup dropped their target price on Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. StockNews.com raised shares of Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Finally, HC Wainwright lowered Ardelyx from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $11.00 to $5.50 in a research note on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.42.

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.