Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Ardelyx Inc shares valued at $11,097 were sold by RAAB MICHAEL on Apr 01 ’24. At $7.31 per share, RAAB MICHAEL sold 1,518 shares. The insider’s holdings dropped to 1,318,433 shares worth approximately $9.72 million following the completion of this transaction.
Also, GRAMMER ELIZABETH A sold 86,000 shares, netting a total of over 664,978 in proceeds. Following the sale of shares at $7.73 each, the insider now holds 312,993 shares.
Before that, Rosenbaum David P. had sold 5,183 shares from its account. In a trade valued at $47,684, the Chief Development Officer traded Ardelyx Inc shares for $9.20 each. Upon closing the transaction, the insider’s holdings decreased to 5,183 shares, worth approximately $1.3 million.
As published in their initiating research note from Leerink Partners on April 05, 2024, Ardelyx Inc [ARDX] has been an Outperform and the price target has been revised to $14. Analysts at Raymond James started covering the stock with ‘”a Strong buy”‘ outlook in a report released in mid December. As of September 07, 2023, H.C. Wainwright has initiated its “Buy” rating for ARDX. Earlier on August 25, 2023, Cantor Fitzgerald upgraded its rating. Their new recommendation was “an Overweight” for ARDX stock which previously was a “a Neutral”.
Analyzing ARDX Stock Performance
During the last five days, there has been a surge of approximately 2.93%. Over the course of the year, Ardelyx Inc shares have jumped approximately 18.87%. Shares of the company reached a 52-week high of $10.13 on 02/12/24 and a 52-week low of $5.92 on 01/03/24. A 50-day SMA is recorded $8.46, while a 200-day SMA reached $5.65. Nevertheless, trading volume fell to 5.57 million shares from 4.42 million shares the previous day.
Support And Resistance Levels for Ardelyx Inc (ARDX)
According to the 24-hour chart, there is a support level at 7.10, which, if violated, would cause prices to drop to 6.84. In the upper region, resistance lies at 7.52. The next price resistance is at 7.68. RSI (Relative Strength Index) is 41.51 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.15, which suggests the price will decrease in the coming days. Percent R is at 50.00%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Ardelyx Inc subject to short interest?
Stocks of Ardelyx Inc saw a sharp rise in short interest on Mar 15, 2024 jumping by 6.25 million shares to 36.31 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 30.06 million shares. A jump of 17.21% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 5.93 of the overall float, the days-to-cover ratio (short ratio) jumped to 5.93.
