Ardelyx Inc. Chief Executive Michael Raab sold 58,574 ordinary shares on August 21 via an automatic sell-to-cover transaction tied to the vesting of restricted stock units, according to regulatory filings.
The disposal, executed to cover tax withholdings, totaled approximately $225,914 at weighted average prices between $3.8569 and $3.857 per share. Ardelyx’s stock last traded at $3.78, about 1% above its 52-week low of $3.73.
Raab retained direct holdings of 1,619,792 Ardelyx shares following the transaction, alongside 24,364 shares held indirectly through the Michael G. Raab Living Trust and 1,000 shares held in trusts for his children.
The sale follows Ardelyx’s second-quarter results, which reported a 31% year-over-year revenue increase to a record $118 million. The company also revised its annual outlook for IBSRELA and withdrew its revenue target for XPHOZAH, contributing to a sharp decline in its share price. Option activity surged, with put volumes reaching their highest since April 2025, signaling elevated bearish sentiment.
