Mike Kelliher, Ardelyx, Inc.'s Chief Business Officer, executed three sales of the company's common stock on February 20, 2026, according to a Form 4 filed with the Securities and Exchange Commission. The transactions covered a total of 9,695 shares and generated proceeds of $56,099. Reported sale prices ranged from $5.705 to $5.865 per share.
The filing notes the transactions were carried out to cover applicable withholding taxes tied to the vesting of restricted stock units. After completing these sales, Kelliher retains direct ownership of 364,666 shares of Ardelyx.
Ardelyx's shares are trading at $5.75 at the time of this report, a level that represents a decline of nearly 15% over the prior week. InvestingPro is cited as indicating the stock appears undervalued at current prices and that subscribers have access to 10 additional ProTips assessing the company’s position with a market capitalization of $1.42 billion.
Beyond the insider transaction, Ardelyx has been active on several corporate fronts. The company pre-released fourth-quarter 2025 revenue figures for its marketed products Ibsrela and Xphozah and reiterated fiscal 2026 revenue guidance. Management reaffirmed guidance for Ibsrela at $410 million to $430 million and for Xphozah at $110 million to $120 million for fiscal 2026.
On the clinical development side, Ardelyx announced the initiation of a Phase 3 trial for IBSRELA that targets chronic idiopathic constipation in adults, with plans to enroll around 700 participants. In intellectual property developments, the U.S. Patent and Trademark Office issued a formulation patent for tenapanor that may extend the compound’s exclusivity through 2042.
Analyst reactions to the patent news and the company’s trajectory have included an increase in H.C. Wainwright’s price target to $18.00, Raymond James maintaining a Strong Buy rating with a $19.00 target, and Piper Sandler keeping an Overweight rating while underscoring Ibsrela’s growth trajectory.
Separately, reports have emerged that India-based Zydus Life is considering a transaction that could involve acquiring a controlling stake in Ardelyx or certain molecules from the company’s portfolio. Those reports remain unconfirmed; neither Ardelyx nor Zydus Life has provided comment, and the matters are described as speculative.
The combination of an insider sale conducted to meet tax obligations, recent analyst updates, a new patent, an advancing Phase 3 study, and unverified acquisition reports has occurred against a backdrop of a near-term share price decline. Each of these items is documented in filings and company disclosures referenced above.