Intech Investment Management LLC Purchases New Holdings in Ardelyx, Inc. (NASDAQ:ARDX)

Intech Investment Management LLC bought a new position in shares of Ardelyx, Inc. (NASDAQ:ARDX) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm bought 61,428 shares of the biopharmaceutical company’s stock, valued at approximately $423,000.

Several other hedge funds and other institutional investors have also modified their holdings of ARDX. Nisa Investment Advisors LLC raised its holdings in Ardelyx by 1,026.3% during the second quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock worth $26,000 after purchasing an additional 3,233 shares in the last quarter. Redwood Wealth Management Group LLC acquired a new position in shares of Ardelyx in the 2nd quarter worth approximately $62,000. Coastal Bridge Advisors LLC acquired a new stake in shares of Ardelyx during the 2nd quarter valued at $74,000. Helen Stephens Group LLC acquired a new position in Ardelyx in the 3rd quarter worth approximately $76,000. Finally, CWM LLC grew its holdings in shares of Ardelyx by 328.1% during the third quarter. CWM LLC now owns 12,814 shares of the biopharmaceutical company’s stock valued at $88,000 after buying an additional 9,821 shares in the last quarter. 58.92% of the stock is owned by institutional investors and hedge funds.

Ardelyx Trading Down 2.3 %

ARDX opened at $5.54 on Tuesday. Ardelyx, Inc. has a 12 month low of $4.34 and a 12 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 firm’s fifty day simple moving average is $5.78 and its 200 day simple moving average is $6.02. The stock has a market capitalization of $1.31 billion, a P/E ratio of -18.47 and a beta of 0.92.

Insider Activity at Ardelyx

In related news, insider Laura A. Williams sold 7,366 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $4.79, for a total value of $35,283.14. Following the completion of the sale, the insider now directly owns 308,745 shares in the company, valued at $1,478,888.55. The trade was a 2.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 transaction of $342,982.88. Following the transaction, the insider now directly owns 301,946 shares in the company, valued at approximately $2,089,466.32. This represents a 14.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 252,068 shares of company stock valued at $1,472,641. Corporate insiders own 5.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on ARDX shares. Citigroup dropped their price objective on Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, November 4th. HC Wainwright cut Ardelyx from a “buy” rating to a “neutral” rating and dropped their price target for the company from $11.00 to $5.50 in a report on Monday, November 11th. Three investment 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $10.42.

Ardelyx Profile

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.