In the premarket trading session, Ardelyx Inc. (ARDX) stock at the time writing had plunged by -20.52% to the price of $6.70. ARDX stock previously closed the session at $8.43 losing -6.12%. The ADRX stock volume traded about 4.82 million shares. The average 3-month trading volume has been 1.74 million shares. In the past year, ARDX stock had surged by 10.05%. While in the past week the shares jumped up by 2.93%. In the past three and six months, the shares jumped by 22.71%and 59.66% respectively. Furthermore, Ardelyx Inc. is currently valued in the market at $826.81 million and has 91.00 million outstanding shares.
About Ardelyx Inc.
Ardelyx, Inc., a biopharmaceutical company that focuses on designing, developing, and commercializing products for the treatment of unmet diseases in patients. The company was previously known as Nteryx Inc. and in June 2008, it was changed to Ardelyx. The company is headquartered in Fremont, California, and was founded in 2007. Ardelyx specifically focuses on the production of medicines to meet the treatment needs of patients with cardiorenal diseases. The company’s operational activities take place in the United States and internationally.
The lead product candidate of the Ardelyx is a treatment for patients that have irritable bowel syndrome with constipation known as tenapanor. Tenapanor is in the completed Phase 3 clinical trial and it is also in the Phase 3 clinical trial for the treatment of hyperphosphatemia that occurs in the patients on dialysis for end-stage renal disease. Ardelyx has also developed a small molecule potassium secretagogue program which in known for the treatment of patients with hyperkalemia. This treatment is known as RDX013.
What is recently happening in the company?
On 30th April 2021, Ardelyx Inc. announced that Tenapanor has had its Prescription Drug User Fee Act (PDUFA) date extended by a period of three months. Tenapanor is used for the control of phosphorous serum in adult patients that suffer from the chronic kidney diseases while on the dialysis.
The company had this extension approved by the Food and Drug Association in US after the FDA had made an information request from Ardelyx which obligated the company for submitting more data on the drug in regards to its analysis which is there to assist the FDA get a better grip of the novel therapy and compare it with other approved therapies in order to understand the workings of the treatment. Ardelyx in return sent the information required by the FDA along with a major amendment to the NDA.
ARDX stock granted new CPOnon-qualified stock options
On 16th April 2021, the company had reported that its Board of Directors granted a non-qualified stock options award to purchase 125,622 shares. This action was particularly taken by the compensation committee of the Ardelyx’s BOD on 12th April 2021. Furthermore, the committee also granted a 26,315 restricted stock unit award which was done under Company’s 2016 Inducement plan for its new Chief of People Officer, Sarah O’Brien. This was done in accordance with the Nasdaq Listing Rule 5635 section C (4).