Ardelyx CEO Michael Raab sells $223,198 in stock

Michael Raab, President and CEO of Ardelyx, Inc. (NASDAQ:ARDX), a biotechnology company currently valued at $1.26 billion and showing strong financial health according to InvestingPro analysis, recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. On March 7, Raab sold 41,668 shares of Ardelyx common stock, generating approximately $223,198. The shares were sold at an average price of $5.3566, with individual trade prices ranging from $5.28 to $5.47.

In addition to the sale, Raab exercised stock options to acquire 20,834 shares at a price of $0.99 per share, amounting to a total value of $20,625. These transactions were conducted under a 10b5-1 trading plan, which Raab adopted in September 2024.

Following these transactions, Raab holds 1,635,138 shares directly. Additionally, Raab has indirect ownership through a family trust, which holds 24,364 shares, and another trust for his children’s benefit, which holds 1,000 shares.

In other recent news, Ardelyx, Inc. reported its fourth-quarter 2024 earnings, surpassing market expectations with an earnings per share of $0.02, compared to the forecasted $0.01. The company also exceeded revenue forecasts, reporting $116.1 million against an expected $108.58 million. Despite these positive results, Ardelyx’s stock fell in premarket trading, reflecting investor concerns over future guidance and market conditions. In another development, Ardelyx announced that China’s Center for Drug Evaluation has approved its New Drug Application for tenapanor, triggering a $5 million milestone payment from its Chinese partner, Fosun Pharma. This approval could potentially bring in up to $100 million more in developmental and commercialization milestones.

Analysts have recently initiated coverage on Ardelyx with varying perspectives. Scotiabank (TSX:BNS) assigned a Sector Outperform rating with a price target of $15.00, citing growth potential in the company’s treatments, particularly for hyperphosphatemia and irritable bowel syndrome. Meanwhile, BTIG initiated a Buy rating with a $14.00 price target, highlighting the company’s return to profitability and substantial sales potential for its products Ibsrela and Xphozah. However, H.C. Wainwright maintained a Neutral rating, with a price target of $5.50, expressing caution due to challenges such as the drug’s unavailability under Medicare Part D starting from January 2025. These recent developments and analyst ratings provide a varied outlook on Ardelyx’s future prospects.

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