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Why Ardelyx Shares Are Sinking Today

TheMotleyFool

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Why Ardelyx Shares Are Sinking TodayPhoto, wide shot, wide-angle lens, Mental health care service, Midday, harsh overhead sunlight, directional sunlightt, photo by Art Wolfe: https://img.midjourneyapi.xyz/temp/7ce3b930-5e2a-4215-b686-0ad0eb0b922a.png

Shares of Ardelyx (NASDAQ: ARDX) were down 16.8% as of 11:42 a.m. EDT on Wednesday. The drop came after the biotech stock soared Tuesday following its announcement of positive results from a late-stage study evaluating its lead experimental drug candidate, tenapanor.

Ardelyx didn't announce any further news Wednesday, so the most likely reason for the decline is that investors are taking profits.

Image source: Getty Images.

Source Fool.com

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