Why Ardelyx Shares Are Falling

Ardelyx Inc ARDX shares are trading lower by 17.03% to $2.67 Thursday morning after the company filed for a mixed shelf offering of up to $250 million.

Ardelyx says the company intends to use the net proceeds, if any, from this offering for general corporate purposes, which may include, among other things, activities associated with the commercialization of IBSRELA and XPHOZAH, if approved, conducting post-approval pediatric clinical studies for IBSRELA and XPHOZAH, if approved and working capital.

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According to data from Benzinga Pro, ARDX has a 52-week high of $3.43 and a 52-week low of $0.49.