The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Ardelyx Inc shares valued at $2,522,217 were sold by GRAMMER ELIZABETH A on May 06 ’24. At $8.88 per share, GRAMMER ELIZABETH A sold 284,170 shares. The insider’s holdings dropped to 203,760 shares worth approximately $1.64 million following the completion of this transaction.
Also, Felsch Robert Ora sold 207,988 shares, netting a total of over 1,831,503 in proceeds. Following the sale of shares at $8.81 each, the insider now holds 95,947 shares.
Before that, GRAMMER ELIZABETH A had sold 45,000 shares from its account. In a trade valued at $405,000, the insider traded Ardelyx Inc shares for $9.00 each. Upon closing the transaction, the insider’s holdings decreased to 45,000 shares, worth approximately $2.16 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 18.70%. Over the course of the year, Ardelyx Inc shares have jumped approximately 30.00%. 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 $7.66, while a 200-day SMA reached $6.01. Nevertheless, trading volume fell to 5.76 million shares from 4.89 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 7.80, which, if violated, would cause prices to drop to 7.53. In the upper region, resistance lies at 8.45. The next price resistance is at 8.84. RSI (Relative Strength Index) is 56.87 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.33, which suggests the price will increase in the coming days. Percent R is at 40.97%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
