Allspring Global Investments Holdings LLC Cuts Holdings in Ardelyx, Inc. (NASDAQ:ARDX)

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Ardelyx, Inc. (NASDAQ:ARDX) by 18.4% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 64,817 shares of the biopharmaceutical company’s stock after selling 14,653 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Ardelyx were worth $480,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Ardelyx by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 13,391,855 shares of the biopharmaceutical company’s stock worth $97,761,000 after acquiring an additional 365,809 shares during the period. Eventide Asset Management LLC grew its holdings in shares of Ardelyx by 152.5% in the 4th quarter. Eventide Asset Management LLC now owns 6,805,494 shares of the biopharmaceutical company’s stock worth $42,194,000 after acquiring an additional 4,110,494 shares during the period. Rubric Capital Management LP grew its holdings in shares of Ardelyx by 60.5% in the 4th quarter. Rubric Capital Management LP now owns 4,012,753 shares of the biopharmaceutical company’s stock worth $24,879,000 after acquiring an additional 1,512,753 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Ardelyx by 68.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,913,863 shares of the biopharmaceutical company’s stock worth $28,572,000 after acquiring an additional 1,584,597 shares during the period. Finally, Redmile Group LLC acquired a new stake in Ardelyx during the 1st quarter valued at $16,020,000. 58.92% of the stock is owned by hedge funds and other institutional investors.

Ardelyx Trading Down 2.9 %

Shares of Ardelyx stock opened at $5.60 on Friday. Ardelyx, Inc. has a fifty-two week low of $3.16 and a fifty-two week high of $10.13. The firm has a market cap of $1.30 billion, a PE ratio of -20.00 and a beta of 0.83. The business’s fifty day moving average is $5.82 and its two-hundred day moving average is $6.89. The company has a quick ratio of 3.99, a current ratio of 4.21 and a debt-to-equity ratio of 0.68.

Ardelyx (NASDAQ:ARDX) last issued its earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.04. The business had revenue of $73.20 million for the quarter, compared to analyst estimates of $55.03 million. Ardelyx had a negative return on equity of 39.73% and a negative net margin of 31.02%. The business’s quarterly revenue was up 228.3% on a year-over-year basis. During the same period last year, the company posted ($0.08) EPS. Analysts anticipate that Ardelyx, Inc. will post -0.26 earnings per share for the current year.

Wall Street Analyst Weigh In

ARDX has been the topic of a number of analyst reports. Cantor Fitzgerald reiterated an “overweight” rating on shares of Ardelyx in a report on Thursday, June 20th. Wedbush reiterated an “outperform” rating and set a $11.00 target price on shares of Ardelyx in a report on Friday, August 2nd. Piper Sandler cut Ardelyx from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $15.00 to $7.00 in a report on Tuesday, July 2nd. Citigroup increased their target price on Ardelyx from $10.00 to $12.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, HC Wainwright increased their target price on Ardelyx from $10.00 to $11.00 and gave the company a “buy” rating in a report on Monday, August 5th. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Ardelyx presently has an average rating of “Moderate Buy” and an average target price of $11.67.

Insider Buying and Selling

In related news, CEO Michael Raab sold 30,000 shares of the stock in a transaction on Monday, July 29th. The stock was sold at an average price of $5.64, for a total value of $169,200.00. Following the transaction, the chief executive officer now directly owns 1,260,463 shares of the company’s stock, valued at approximately $7,109,011.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Ardelyx news, CFO Justin A. Renz sold 5,289 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $5.86, for a total value of $30,993.54. Following the transaction, the chief financial officer now directly owns 295,257 shares of the company’s stock, valued at $1,730,206.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Raab sold 30,000 shares of the firm’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $5.64, for a total value of $169,200.00. Following the completion of the transaction, the chief executive officer now directly owns 1,260,463 shares in the company, valued at $7,109,011.32. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 199,560 shares of company stock valued at $1,203,770. 5.50% of the stock is currently owned by company insiders.

About Ardelyx

Ardelyx, Inc, a biopharmaceutical company, discovers, develops, and commercializes medicines to treat gastrointestinal and cardiorenal therapeutic areas in the United States and internationally. The company's lead product candidate is tenapanor for the treatment of patients with irritable bowel syndrome with constipation.