Ardelyx (ARDX) : The traders have covered their outstanding shorts in Ardelyx (ARDX) to the tune of -91,105 shares, a change of -10.2%. As on Jul 29, 2016, the outstanding shorts on the stock were 894,982 shares, however, by August 15, 2016, the shorts had reduced to 803,877 shares. The covering shows that the traders dont believe that a large downside exists in the stock from current levels. The open short positions equal 2.8% of the free float of the stock. It takes 12 days to cover the outstanding short positions. The stock has an average daily volume of 65,673 shares. The short interest information was released on Wednesday Aug 24th after the market close.
Ardelyx (NASDAQ:ARDX): The stock opened at $10.03 on Wednesday but the bulls could not build on the opening and the stock topped out at $10.46 for the day. The stock traded down to $9.47 during the day, due to lack of any buying support eventually closed down at $9.61 with a loss of -3.90% for the day. The stock had closed at $10.00 on the previous day. The total traded volume was 270,330 shares.
In a related news, According to the information disclosed by the Securities and Exchange Commission in a Form 4 filing, the director 10% owner of Ardelyx, Inc., Mott David M, had purchased 1,527,301 shares in a transaction dated on July 18, 2016. The transaction was executed at $8.73 per share with total amount equaling $13,333,338.
Ardelyx, Inc. is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of minimally-systemic, small molecule therapeutics that work exclusively in the gastrointestinal (GI) tract to treat cardio-renal, GI and metabolic diseases. The Company utilizing its platform, discovered and designed its lead product candidate, tenapanor, which in clinical studies has demonstrated the ability to improve the symptoms of constipation-predominant irritable bowel syndrome (IBS-C) and to reduce the absorption of both dietary sodium and phosphorus. The Company in collaboration with AstraZeneca, has completed a Phase IIb clinical trial evaluating tenapanor in patients with IBS-C. It also has other product candidates under development, such as RDX002 for the treatment of Hyperphosphatemia, RDX009 for the treatment of IBD, Short Bowel Syndrome and non-alcoholic steatohepatitis (NASH), and RDX013 for the treatment of hyperkalemia.