Ardelyx Incorporated (NASDAQ:ARDX) Shorts Decreased by 20.08% After Short Covering

The stock of Ardelyx Incorporated (NASDAQ:ARDX) registered a decrease of 20.08% in short interest. ARDX’s total short interest was 1.34 million shares in April as published by FINRA. Its down 20.08% from 1.68M shares, reported previously. With 223,800 shares average volume, it will take short sellers 6 days to cover their ARDX’s short positions. The short interest to Ardelyx Incorporated’s float is 9.44%. The stock is up 0.25% or $0.02 after the news, hitting $8.09 per share. Ardelyx Inc (NASDAQ:ARDX) has declined 62.11% since September 14, 2015 and is downtrending. It has underperformed by 69.68% the S&P500.

Ardelyx, Inc. is a clinical-stage biopharmaceutical firm focused on the discovery, development and commercialization of minimally-systemic, small molecule therapeutics that work exclusively in the gastrointestinal tract to treat cardio-renal, GI and metabolic diseases. The company has a market cap of $274.70 million. The Firm 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. It currently has negative earnings. The Firm in collaboration with AstraZeneca, has completed a Phase IIb clinical trial evaluating tenapanor in patients with IBS-C.

Out of 7 analysts covering Ardelyx Inc (NASDAQ:ARDX), 7 rate it “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Ardelyx Inc was the topic in 6 analyst reports since August 18, 2015 according to StockzIntelligence Inc. Ladenburg Thalmann initiated the stock on March 31 with “Buy” rating.

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