Ardelyx NASDAQ:ARDX Chief Financial Officer Susan Hohenleitner disposed of 2,033 shares of the company's common stock on February 20, 2026, according to a Form 4 filed with the Securities and Exchange Commission. The disposition was made to cover withholding taxes that arose upon the vesting of restricted stock units.
The shares were sold at prices ranging from $5.7138 to $5.865, producing a combined transaction value of $11,886. The stock is trading at $5.75 at the time of reporting, reflecting a decline of nearly 15% over the past week.
After the sale, Hohenleitner holds 230,533 shares of Ardelyx directly.
Third-party analysis and platform notes
Investment research available on InvestingPro classifies ARDX as appearing undervalued when compared to its Fair Value. The platform also notes that Ardelyx's liquid assets exceed its short-term obligations and lists this observation among 10 total ProTips available for the ticker. InvestingPro further indicates that a comprehensive Pro Research Report is accessible for more than 1,400 U.S. equities.
Corporate updates accompanying the filing
Ardelyx has pre-released fourth-quarter 2025 revenue for its products Ibsrela and Xphozah and provided product revenue guidance for fiscal 2026. The company projected Ibsrela revenue in the range of $410 million to $430 million and Xphozah revenue between $110 million and $120 million for the fiscal year.
The company has also initiated a Phase 3 clinical trial for IBSRELA, targeting chronic idiopathic constipation in adults. The trial is planned to enroll approximately 700 patients and will evaluate safety and efficacy across a 26-week treatment period.
Separately, Ardelyx has been mentioned in reports that Zydus Life may either acquire a controlling interest in the company or purchase key molecules from its portfolio. The U.S. Patent and Trademark Office issued a new patent for tenapanor, a development the company says could extend exclusivity potentially through 2042.
Following the patent notice and other company news, several analysts updated or reiterated their views. H.C. Wainwright raised its price target on Ardelyx to $18.00. Raymond James maintained a Strong Buy rating and assigned a $19.00 price target. Piper Sandler kept an Overweight rating, citing the growth trajectory of Ibsrela.
What this filing reflects
The Form 4 filing documents a routine insider sale conducted to satisfy tax obligations tied to equity compensation. The transaction size and the stated purpose - covering withholding taxes related to RSU vesting - are specified in the filing. Alongside the insider activity, the company’s guidance, clinical trial progress, patent issuance and analyst commentary provide additional context on recent corporate developments.