Relypsa Inc (RLYP) Shares Pop After Hours on Fluke Volume

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Shares of Relypsa Inc (NASDAQ:RLYP) closed out the trading day incredibly strong after a tough week and a half. Shares are down over 30% in 2016, and at one point today were trading well into the red. This changed at approximately 2:30 p.m. ET when the stock began moving higher. Between 3:15 p.m. and the close the stock rose a staggering 7% as shorts may have panicked a bit. Short interest has soared over the last few weeks, and perhaps the spike at the close was self-fulfilling.

The most interesting part of today’s action came shortly after the market closed and shares of Relypsa Inc (NASDAQ:RLYP) jumped another 9+ percent. The problem, however, was that the price fluctation was a fluke on incredibly low volume. Since then the stock has moved back down to around where it closed the day off. The stock increased 4.85% or $0.95 during the last trading session, hitting $20.55. About 2.33M shares traded hands. RLYP has declined 45.54% since June 8, 2015 and is downtrending. It has underperformed the S&P500 by 38.06%.

From a total of 8 analysts covering Relypsa (NASDAQ:RLYP) stock, 7 rate it a “Buy”, 1 a “Sell”, and 0 a “Hold”. This means that 88% of the ratings are positive. The highest target price is $86 while the lowest target price is $15. The mean of all analyst targets is $52.17 which is 153.87% above today’s ($20.55) stock price. Relypsa was the topic of 11 analyst reports since July 30, 2015 according to the firm StockzIntelligence Inc. H.C. Wainwright initiated shares on December 17 with a “Buy” rating. Morgan Stanley initiated shares with a”Underweight” rating and a $15 target share price in their report from an August 13. Cantor Fitzgerald reinitiated RLYP stock in a recent report from October 26 with a “Buy” rating. Finally, Citigroup initiated the stock with a “Buy” rating in a report they issued on a September 3.

The institutional sentiment decreased to 1.42 in Q2 2015. It’s down 0.86, from 2.28 in 2015Q2. The ratio worsened, as 26 funds sold all their Relypsa Inc shares they owned while 27 reduced their positions. 18 funds bought stakes while 57 increased their total positions. Institutions now own 36.63 million shares which is 2.92% more than the previous share count of 35.59 million in 2015Q2.

Great Point Partners Llc holds 5.63% of its total portfolio in Relypsa Inc, equating to 769,047 shares. Jhl Capital Group Llc owns 1.80 million shares representing 3.68% of their total US portfolio. Moreover, Perceptive Advisors Llc has 1.46% of their total portfolio invested in the company, equating to 987,942 shares. The New York-based Orbimed Advisors Llc has a total of 1.38% of their portfolio invested in the stock. New Leaf Venture Partners L.L.C., a New York-based fund reported 65,961 shares owned.

Since March 5, 2015, the stock had 1 insider buy, and 9 selling transactions for a total of $5.05 million in net activity. Orbimed Advisors Llc bought 500,000 shares worth $6.28M. Ball Kristine M sold 646 shares worth $14,832. Lockey Claire sold 522 shares worth $12,888. Stahl Wilhelm sold 522 shares worth $12,894. The insider Orwin John A sold 5,000 shares worth $124,183.

Relypsa, Inc. is a biopharmaceutical firm focused on the development and commercialization of non-absorbed polymeric drugs to treat disorders in the areas of renal, cardiovascular and metabolic diseases. The company has a market cap of $881.50 million. The Company’s lead product candidate, Patiromer for Oral Suspension is for the treatment of hyperkalemia, a life-threatening condition defined as abnormally elevated levels of potassium in the blood. It currently has negative earnings. The Company’s New Drug Application (NDA) for Patiromer FOS was accepted for filing by the United States Food and Drug Administration, or FDA.

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