Ardelyx, Inc. (NASDAQ:ARDX) Shares Sold by Seven Eight Capital LP

Seven Eight Capital LP decreased its position in shares of Ardelyx, Inc. (NASDAQ:ARDX) by 34.3% in the second quarter, HoldingsChannel reports. The firm owned 245,932 shares of the biopharmaceutical company’s stock after selling 128,219 shares during the quarter. Seven Eight Capital LP’s holdings in Ardelyx were worth $1,822,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. World Equity Group Inc. lifted its position in Ardelyx by 15.4% during the second quarter. World Equity Group Inc. now owns 18,402 shares of the biopharmaceutical company’s stock valued at $136,000 after purchasing an additional 2,453 shares during the period. Nisa Investment Advisors LLC lifted its holdings in shares of Ardelyx by 1,026.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock valued at $26,000 after buying an additional 3,233 shares during the period. ProShare Advisors LLC lifted its holdings in shares of Ardelyx by 8.9% in the 1st quarter. ProShare Advisors LLC now owns 57,729 shares of the biopharmaceutical company’s stock valued at $421,000 after buying an additional 4,735 shares during the period. HighMark Wealth Management LLC acquired a new stake in Ardelyx during the first quarter worth about $36,000. Finally, Victory Capital Management Inc. grew its holdings in Ardelyx by 31.0% during the fourth quarter. Victory Capital Management Inc. now owns 30,100 shares of the biopharmaceutical company’s stock worth $187,000 after acquiring an additional 7,117 shares during the period. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Insider Buying and Selling at Ardelyx

In other news, CEO Michael Raab sold 35,000 shares of Ardelyx stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $5.61, for a total value of $196,350.00. Following the sale, the chief executive officer now directly owns 1,220,608 shares of the company’s stock, valued at $6,847,610.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider David P. Rosenbaum sold 5,312 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $6.26, for a total transaction of $33,253.12. Following the completion of the sale, the insider now owns 153,616 shares of the company’s stock, valued at $961,636.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Raab sold 35,000 shares of the stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $5.61, for a total transaction of $196,350.00. Following the completion of the sale, the chief executive officer now owns 1,220,608 shares of the company’s stock, valued at $6,847,610.88. The disclosure for this sale can be found here. Insiders sold 204,872 shares of company stock valued at $1,200,623 over the last quarter. 5.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

ARDX has been the topic of several recent research reports. Wedbush restated an “outperform” rating and issued a $11.00 price objective on shares of Ardelyx in a research report on Friday, August 2nd. StockNews.com raised shares of Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. HC Wainwright lifted their price objective on shares of Ardelyx from $10.00 to $11.00 and gave the company a “buy” rating in a report on Monday, August 5th. Piper Sandler lowered shares of Ardelyx from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $15.00 to $7.00 in a research note on Tuesday, July 2nd. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Ardelyx in a research report on Thursday, June 20th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $11.67.

Ardelyx Stock Performance

NASDAQ:ARDX opened at $5.90 on Thursday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.99 and a current ratio of 4.21. The stock has a market capitalization of $1.37 billion, a PE ratio of -21.07 and a beta of 0.90. Ardelyx, Inc. has a fifty-two week low of $3.16 and a fifty-two week high of $10.13. The company has a fifty day moving average of $5.88 and a two-hundred day moving average of $6.70.

Ardelyx (NASDAQ:ARDX) last released its quarterly 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. Ardelyx had a negative net margin of 31.02% and a negative return on equity of 39.73%. The firm had revenue of $73.20 million during the quarter, compared to the consensus estimate of $55.03 million. During the same quarter in the prior year, the firm earned ($0.08) EPS. The company’s revenue for the quarter was up 228.3% on a year-over-year basis. As a group, research analysts forecast that Ardelyx, Inc. will post -0.26 earnings per share for the current fiscal year.

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.