Ardelyx, Inc. (NASDAQ:ARDX) Short Interest Update

Ardelyx, Inc. (NASDAQ:ARDX) was the target of a large decline in short interest in the month of January. As of January 30th, there was short interest totaling 18,557,299 shares, a decline of 15.0% from the January 15th total of 21,833,586 shares. Approximately 8.0% of the company’s shares are short sold. Based on an average daily volume of 4,965,903 shares, the short-interest ratio is currently 3.7 days. Based on an average daily volume of 4,965,903 shares, the short-interest ratio is currently 3.7 days. Approximately 8.0% of the company’s shares are short sold.

Insider Buying and Selling

In related news, insider Laura A. Williams sold 50,000 shares of the company’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $6.98, for a total transaction of $349,000.00. Following the completion of the sale, the insider directly owned 361,563 shares in the company, valued at $2,523,709.74. This represents a 12.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Mike Kelliher sold 5,560 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $5.54, for a total transaction of $30,802.40. Following the completion of the sale, the insider directly owned 271,181 shares in the company, valued at approximately $1,502,342.74. This trade represents a 2.01% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 114,868 shares of company stock worth $708,369. Company insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Ardelyx

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Marshall Wace LLP raised its position in shares of Ardelyx by 34.2% in the 2nd quarter. Marshall Wace LLP now owns 11,250,652 shares of the biopharmaceutical company’s stock worth $44,103,000 after purchasing an additional 2,866,843 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in Ardelyx during the 2nd quarter valued at about $708,000. Stonepine Capital Management LLC bought a new stake in Ardelyx during the 2nd quarter valued at about $2,176,000. Y Intercept Hong Kong Ltd raised its holdings in Ardelyx by 488.0% in the third quarter. Y Intercept Hong Kong Ltd now owns 306,547 shares of the biopharmaceutical company’s stock worth $1,689,000 after buying an additional 254,417 shares during the last quarter. Finally, AIGH Capital Management LLC bought a new stake in shares of Ardelyx during the third quarter valued at approximately $1,094,000. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Ardelyx Stock Down 2.0%

Shares of NASDAQ:ARDX opened at $6.87 on Monday. The firm has a market capitalization of $1.67 billion, a P/E ratio of -29.87 and a beta of 0.57. The company has a debt-to-equity ratio of 1.31, a quick ratio of 4.11 and a current ratio of 4.41. The stock has a 50 day moving average price of $6.71 and a 200-day moving average price of $6.05. Ardelyx has a 52-week low of $3.21 and a 52-week high of $8.40.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Piper Sandler raised shares of Ardelyx from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $10.00 to $16.00 in a research note on Thursday, January 8th. BTIG Research reiterated a “buy” rating and issued a $17.00 price objective on shares of Ardelyx in a report on Thursday, January 29th. TD Cowen reiterated a “buy” rating on shares of Ardelyx in a research report on Thursday, January 29th. Raymond James Financial restated a “strong-buy” rating and set a $19.00 target price on shares of Ardelyx in a report on Thursday, January 8th. Finally, Citigroup raised their price target on Ardelyx from $11.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, January 9th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $14.36.

Ardelyx Company Profile

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.