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 $245,922 were sold by RAAB MICHAEL on May 21 ’24. At $7.81 per share, RAAB MICHAEL sold 31,484 shares. The insider’s holdings dropped to 1,277,773 shares worth approximately $9.51 million following the completion of this transaction.
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Also, GRAMMER ELIZABETH A sold 6,927 shares, netting a total of over 54,107 in proceeds. Following the sale of shares at $7.81 each, the insider now holds 199,469 shares.
Before that, Rodriguez Susan had sold 6,703 shares from its account. In a trade valued at $52,357, the Chief Commercial Officer traded Ardelyx Inc shares for $7.81 each. Upon closing the transaction, the insider’s holdings decreased to 6,703 shares, worth approximately $3.34 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 drop of approximately -4.49%. Over the course of the year, Ardelyx Inc shares have jumped approximately 20.00%. 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 $7.42, while a 200-day SMA reached $6.21. Nevertheless, trading volume fell to 4.03 million shares from 2.96 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 7.26, which, if violated, would cause prices to drop to 7.08. In the upper region, resistance lies at 7.74. The next price resistance is at 8.04. RSI (Relative Strength Index) is 46.82 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.41, which suggests the price will decrease in the coming days. Percent R is at 96.92%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
