Ardelyx (NASDAQ:ARDX) Shares Cross Above 50 Day Moving Average – Here’s Why

Shares of Ardelyx, Inc. (NASDAQ:ARDX) passed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $6.11 and traded as high as $6.39. Ardelyx shares last traded at $6.06, with a volume of 2,106,350 shares traded.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ARDX. LADENBURG THALM/SH SH initiated coverage on shares of Ardelyx in a research report on Tuesday, June 16th. They issued a “buy” rating and a $16.00 target price for the company. Williams Trading set a $17.00 price target on shares of Ardelyx in a research report on Thursday, March 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Ardelyx in a report on Monday, April 20th. Finally, Leerink Partners reaffirmed an “outperform” rating on shares of Ardelyx in a research report on Thursday, March 12th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $15.73.

Ardelyx Stock Performance

The company has a quick ratio of 3.28, a current ratio of 3.49 and a debt-to-equity ratio of 1.37. The stock’s fifty day moving average is $6.09 and its two-hundred day moving average is $6.30. The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of -24.06 and a beta of 0.58.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings results on Thursday, April 30th. The biopharmaceutical company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). The firm had revenue of $94.47 million during the quarter, compared to analyst estimates of $92.78 million. Ardelyx had a negative net margin of 13.58% and a negative return on equity of 38.11%. The business’s revenue was up 27.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.17) EPS. On average, analysts predict that Ardelyx, Inc. will post -0.07 earnings per share for the current year.

Insider Transactions at Ardelyx

In other Ardelyx news, insider Mike Kelliher sold 7,248 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $6.27, for a total value of $45,444.96. Following the sale, the insider owned 357,418 shares in the company, valued at $2,241,010.86. This represents a 1.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Eric Duane Foster sold 7,998 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $6.27, for a total value of $50,147.46. Following the completion of the sale, the insider directly owned 417,972 shares of the company’s stock, valued at approximately $2,620,684.44. The trade was a 1.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 24,572 shares of company stock valued at $154,066 in the last quarter. 5.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ardelyx

A number of large investors have recently added to or reduced their stakes in ARDX. Mercer Global Advisors Inc. ADV lifted its stake in shares of Ardelyx by 4.7% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 38,512 shares of the biopharmaceutical company’s stock worth $225,000 after buying an additional 1,722 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Ardelyx by 26.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,807 shares of the biopharmaceutical company’s stock valued at $69,000 after acquiring an additional 2,491 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in Ardelyx by 0.7% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 347,609 shares of the biopharmaceutical company’s stock valued at $2,027,000 after acquiring an additional 2,532 shares during the period. Cerity Partners LLC lifted its position in Ardelyx by 5.3% during the fourth quarter. Cerity Partners LLC now owns 59,359 shares of the biopharmaceutical company’s stock worth $346,000 after acquiring an additional 2,972 shares during the last quarter. Finally, Integrated Wealth Concepts LLC lifted its position in Ardelyx by 24.2% during the third quarter. Integrated Wealth Concepts LLC now owns 15,263 shares of the biopharmaceutical company’s stock worth $84,000 after acquiring an additional 2,975 shares during the last quarter. Institutional investors own 58.92% of the company’s stock.

About Ardelyx

Ardelyx, Inc (NASDAQ: ARDX) is a clinical‐stage biopharmaceutical company focused on discovering, developing and commercializing targeted small molecule drugs for cardio‐renal and gastrointestinal diseases. The company’s lead marketed product, tenapanor (sold under the brand name XPHOZAH in the United States), is approved for the treatment of hyperphosphatemia in patients with chronic kidney disease on dialysis. Ardelyx’s proprietary approach targets epithelial transporters in the gastrointestinal tract, offering localized activity with limited systemic exposure.

Beyond tenapanor, Ardelyx’s development pipeline includes treatments designed to address other complications in kidney disease and related metabolic disorders.