Creative Planning Decreases Holdings in Ardelyx, Inc. (NASDAQ:ARDX)

Creative Planning reduced its position in Ardelyx, Inc. (NASDAQ:ARDX) by 51.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,742 shares of the biopharmaceutical company’s stock after selling 20,675 shares during the period. Creative Planning’s holdings in Ardelyx were worth $136,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of ARDX. Vanguard Group Inc. boosted its position in Ardelyx by 2.8% in the first quarter. Vanguard Group Inc. now owns 13,391,855 shares of the biopharmaceutical company’s stock worth $97,761,000 after purchasing an additional 365,809 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Ardelyx by 68.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,913,863 shares of the biopharmaceutical company’s stock worth $28,572,000 after buying an additional 1,584,597 shares during the last quarter. Millennium Management LLC grew its position in Ardelyx by 142.8% during the second quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock valued at $23,735,000 after buying an additional 1,883,995 shares during the period. Redmile Group LLC purchased a new stake in Ardelyx during the first quarter valued at approximately $16,020,000. Finally, Simplify Asset Management Inc. raised its position in Ardelyx by 70.9% in the second quarter. Simplify Asset Management Inc. now owns 598,000 shares of the biopharmaceutical company’s stock worth $4,431,000 after acquiring an additional 248,000 shares during the period. Institutional investors own 58.92% of the company’s stock.

Insider Activity

In related news, CEO Michael Raab sold 32,225 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $5.86, for a total transaction of $188,838.50. Following the transaction, the chief executive officer now directly owns 1,227,009 shares of the company’s stock, valued at $7,190,272.74. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, insider David P. Rosenbaum sold 49,564 shares of the firm’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $6.92, for a total value of $342,982.88. Following the completion of the transaction, the insider now directly owns 301,946 shares in the company, valued at $2,089,466.32. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael Raab sold 32,225 shares of Ardelyx stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $5.86, for a total transaction of $188,838.50. Following the sale, the chief executive officer now owns 1,227,009 shares of the company’s stock, valued at approximately $7,190,272.74. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 267,983 shares of company stock worth $1,632,802. Corporate insiders own 5.90% of the company’s stock.

Ardelyx Price Performance

Shares of ARDX stock opened at $4.59 on Wednesday. Ardelyx, Inc. has a twelve month low of $3.49 and a twelve month high of $10.13. The company has a current ratio of 4.03, a quick ratio of 3.87 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of -15.30 and a beta of 0.92. The stock has a fifty day simple moving average of $6.01 and a two-hundred day simple moving average of $6.29.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. HC Wainwright downgraded shares of Ardelyx from a “buy” rating to a “neutral” rating and cut their price objective for the company from $11.00 to $5.50 in a research report on Monday. Wedbush restated an “outperform” rating and issued a $11.00 price target on shares of Ardelyx in a research report on Friday, August 2nd. Citigroup lowered their price objective on Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Finally, StockNews.com raised shares of Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Ardelyx presently has a consensus rating of “Moderate Buy” and an average price target of $10.42.

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.