David Mott, a director at Ardelyx, Inc. (NASDAQ:), recently acquired 213,300 shares of the company’s common stock. The timing is notable as the stock has declined about 15% over the past week and trades near its 52-week low, according to InvestingPro data. The purchase, made on December 19, 2024, was executed at an average price of $4.6722 per share, totaling approximately $996,580. This transaction took place in multiple trades, with prices ranging from $4.55 to $4.75 per share. Following this acquisition, Mott holds a total of 1,638,765 shares directly. Additionally, he holds 87,566 shares for the benefit of entities associated with New Enterprise Associates, though he disclaims beneficial ownership of these shares except for his pecuniary interest. The insider purchase comes as analysts maintain a strong buy consensus, with InvestingPro data showing impressive revenue growth of 88% over the last twelve months and a healthy current ratio of 4.0x. Get access to more exclusive insights and detailed insider trading analysis with InvestingPro’s comprehensive research reports.
In other recent news, Ardelyx, Inc. reported a significant increase in total revenue to $98.2 million in Q3 2024, largely due to strong sales of its key products, IBSRELA and XPHOZAH. Despite facing Medicare coverage challenges for XPHOZAH, Ardelyx managed to narrow its net losses to approximately $800,000, maintaining a robust cash position of $190.4 million. However, H.C. Wainwright downgraded Ardelyx shares from a Buy rating to Neutral, citing expected sales decline for XPHOZAH starting in Q1 2025. This follows a court decision dismissing a lawsuit filed by Ardelyx, potentially impacting Medicare patients who represent a significant portion of the market for XPHOZAH. In response, Ardelyx has been actively advocating for the Kidney Patient Act and has completed the expansion of the IBSRELA sales team, expecting full effects in early 2025. The company also announced the appointment of Joseph Reilly as the new Principal Accounting Officer, ensuring a smooth transition of responsibilities. Jefferies, on the other hand, sustained their Buy rating for Ardelyx, expressing confidence in the company’s ability to navigate the challenges surrounding its kidney disease drug Xphozah. These are recent developments in Ardelyx’s operations.
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