John E. Bishop, who serves as Chief Technical Operations Officer at Ardelyx, Inc. (NASDAQ: ARDX), executed the sale of 3,179 shares of common stock on February 20, 2026. The disposition was carried out automatically to satisfy withholding tax obligations associated with the vesting of restricted stock units, with executed prices spanning from $5.7003 to $5.865 and producing gross proceeds of $18,586.
The transaction coincides with a period of downward pressure on Ardelyx equity - the stock has declined nearly 15% over the past week. At the same time, InvestingPro analysis indicates the company may be trading below its Fair Value assessment, and the platform notes it offers 10 additional tips on ARDX along with expanded financial metrics intended to assist investors.
Company updates and guidance
Ardelyx also provided several corporate updates in recent communications. The company pre-released fourth-quarter 2025 revenue expectations for its two marketed products, Ibsrela and Xphozah, and issued guidance for fiscal 2026. Management projects Ibsrela revenue in a range of $410 million to $430 million and expects Xphozah revenue between $110 million and $120 million.
In addition, Ardelyx announced issuance of a new patent for tenapanor, the active ingredient in both Ibsrela and Xphozah, with the patent extending exclusivity through 2042.
Analyst commentary and development programs
Following the patent announcement, H.C. Wainwright raised its price target on Ardelyx from $10.00 to $18.00 and maintained a Buy rating. Raymond James reaffirmed a Strong Buy rating and kept a $19.00 price target.
On the clinical front, Ardelyx has initiated a Phase 3 trial of IBSRELA for chronic idiopathic constipation. The trial is designed to enroll approximately 700 patients to assess the drug's safety and efficacy in that indication.
Potential strategic interest
Reports have circulated that Zydus Life may be evaluating either a controlling equity stake in Ardelyx or the acquisition of select molecules from the company’s portfolio. Those reports have not been confirmed by either party.
Context and limitations
The sale by Bishop was executed for tax-withholding purposes tied to RSU vesting and should be read in that specific context. Other developments cited above - revenue guidance, patent issuance, analyst actions, clinical trial progress, and unverified acquisition reports - are statements provided by the company or market participants and reflect information as disclosed at the time.