Laura A. Williams, who serves as Chief Patient Officer and interim Chief Medical Officer at Ardelyx, Inc., executed the sale of 8,176 shares of the company's common stock on February 20, 2026. The disposition was carried out in two tranches at prices ranging from $5.7138 to $5.865 per share, producing total proceeds of $47,803.
Following the transactions, Williams retains direct ownership of 436,082 Ardelyx shares. Company filings state the stock dispositions were made to satisfy withholding tax obligations associated with the vesting of restricted stock units.
The insider sale comes against a backdrop of recent market movement and corporate milestones. Ardelyx shares have fallen by roughly 15 percent over the past week and are trading near $5.75, a level noted as being below InvestingPro's Fair Value estimate. Despite the recent slide, equity analysts continue to publish bullish price targets for the stock, with projections in the range of $13 to $19.
Alongside the insider activity, Ardelyx has disclosed several operational updates. The company pre-released fourth-quarter 2025 revenue for its products IBSRELA and XPHOZAH and reaffirmed product revenue guidance for fiscal 2026. Management reiterated projected product revenues of $410 million to $430 million for IBSRELA and $110 million to $120 million for XPHOZAH.
Ardelyx also commenced its ACCEL Phase 3 clinical trial for IBSRELA, a program focused on evaluating the drug's use for chronic idiopathic constipation in adults. The trial is planned to enroll approximately 700 patients.
On the intellectual property front, a new patent for tenapanor - the active ingredient in both IBSRELA and XPHOZAH - has been issued. The company indicated this patent could potentially extend the drug's exclusivity out to 2042.
Following the patent announcement, several sell-side research notes were published. Raymond James reiterated a Strong Buy rating on Ardelyx stock with a $19.00 price target, while H.C. Wainwright raised its price target to $18.00, with both firms signaling the patent outcome as material to their views.
Separately, there have been media reports that Zydus Life, a pharmaceutical company based in India, may either seek a controlling stake in Ardelyx or acquire key molecules from the company's portfolio. Ardelyx has not issued a comment on those reports, and Zydus Life has characterized the reports as "speculation."
For investors seeking expanded analysis, Ardelyx is covered in InvestingPro research, which includes a Pro Research Report with additional details on the company's financials and operational catalysts.
Summary
Williams' sale of 8,176 Ardelyx shares generated $47,803 and was disclosed as a tax-withholding action tied to vested restricted stock units. The trades occurred while the stock traded near $5.75 following a roughly 15 percent one-week decline. Concurrent company news includes reaffirmed 2026 product revenue guidance, the start of a Phase 3 trial enrolling about 700 patients, issuance of a tenapanor patent with possible exclusivity to 2042, and analyst price-target increases.
Key points
- Insider sale: 8,176 shares sold on February 20, 2026, at $5.7138 to $5.865, totaling $47,803; Williams retains 436,082 shares.
- Commercial and clinical updates: Q4 2025 revenue pre-release and fiscal 2026 product revenue guidance reaffirmed for IBSRELA and XPHOZAH; ACCEL Phase 3 trial initiated with ~700 planned enrollees.
- Intellectual property and market response: new tenapanor patent issued with potential exclusivity through 2042; Raymond James and H.C. Wainwright increased or reiterated bullish ratings and targets.
Risks and uncertainties
- Share-price volatility: ARDX has fallen about 15 percent over the prior week and trades below a stated Fair Value estimate, introducing near-term market risk to shareholders and potential buyers in the healthcare and biotech sectors.
- M&A speculation: Reports of interest from Zydus Life remain unconfirmed - Ardelyx has not commented and Zydus has called the reports "speculation," leaving transaction-related outcomes uncertain for investors and the pharmaceutical sector.
- Clinical and regulatory outcomes: The ACCEL Phase 3 study and the practical effect of the new tenapanor patent on commercial exclusivity constitute operational risks tied to the company's product revenue execution and long-term margin prospects.