Investors Purchase High Volume of Ardelyx Put Options (NASDAQ:ARDX)

Ardelyx, Inc. (NASDAQ:ARDX) was the target of some unusual options trading on Monday. Traders bought 10,204 put options on the company. This is an increase of approximately 270% compared to the average volume of 2,756 put options.

Ardelyx Trading Up 0.1%

Shares of ARDX traded up $0.01 during trading hours on Monday, hitting $3.58. The stock had a trading volume of 1,628,684 shares, compared to its average volume of 4,243,505. Ardelyx has a 12-month low of $3.53 and a 12-month high of $8.40. The firm has a market cap of $893.34 million, a P/E ratio of -16.30 and a beta of 0.70. The company has a debt-to-equity ratio of 1.69, a quick ratio of 3.15 and a current ratio of 3.34. The company’s fifty day simple moving average is $4.46 and its 200 day simple moving average is $5.46.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.02). The firm had revenue of $120.88 million for the quarter, compared to analyst estimates of $121.03 million. Ardelyx had a negative return on equity of 36.00% and a negative net margin of 12.35%.The business’s revenue was up 34.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.08) earnings per share. Equities research analysts forecast that Ardelyx will post -0.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ARDX. Wedbush restated an “outperform” rating and set a $9.00 price objective on shares of Ardelyx in a report on Tuesday, August 18th. HC Wainwright reiterated a “buy” rating and issued a $13.00 target price on shares of Ardelyx in a research note on Friday, August 7th. TD Cowen decreased their price target on Ardelyx from $13.00 to $10.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Piper Sandler dropped their price objective on shares of Ardelyx from $16.00 to $15.00 and set an “overweight” rating for the company in a research note on Monday, August 17th. Finally, Citigroup cut their price objective on shares of Ardelyx from $14.00 to $11.00 and set a “buy” rating on the stock in a report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $13.90.

Insider Activity

In related news, insider Mike Kelliher sold 7,758 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $3.86, for a total transaction of $29,945.88. Following the sale, the insider owned 349,660 shares in the company, valued at approximately $1,349,687.60. This trade represents a 2.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider James Brady sold 15,136 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $3.86, for a total transaction of $58,424.96. Following the sale, the insider owned 245,930 shares in the company, valued at approximately $949,289.80. This trade represents a 5.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 126,059 shares of company stock worth $486,588 in the last quarter. Corporate insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. acquired a new position in Ardelyx during the second quarter valued at approximately $35,000. SCS Capital Management LLC purchased a new position in shares of Ardelyx in the 2nd quarter valued at $52,000. ADAR1 Capital Management LLC purchased a new position in shares of Ardelyx in the 2nd quarter valued at $56,000. State of Wyoming acquired a new position in shares of Ardelyx during the 2nd quarter valued at $61,000. Finally, PVG Asset Management Corp acquired a new position in shares of Ardelyx during the 1st quarter valued at $65,000. Hedge funds and other institutional investors own 58.92% of the company’s stock.

About Ardelyx

Ardelyx, Inc is a biopharmaceutical company focused on developing and commercializing therapies for gastrointestinal and cardiorenal conditions. The company’s lead product candidates and marketed medicines are designed to address disorders involving the regulation of phosphate and other substances in the digestive system.

Ardelyx markets XPHOZAH (tenapanor) in the United States for reducing serum phosphorus in adults with chronic kidney disease on dialysis. Tenapanor works locally in the gastrointestinal tract by inhibiting the sodium/hydrogen exchanger 3, thereby reducing intestinal phosphate absorption.