State Street Corp Has $83.66 Million Stock Holdings in Ardelyx, Inc. (NASDAQ:ARDX)

State Street Corp increased its holdings in Ardelyx, Inc. (NASDAQ:ARDX) by 1.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,141,850 shares of the biopharmaceutical company’s stock after purchasing an additional 176,789 shares during the period. State Street Corp owned approximately 0.05% of Ardelyx worth $83,657,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Rubric Capital Management LP raised its position in Ardelyx by 68.5% in the third quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company’s stock worth $21,085,000 after purchasing an additional 1,243,606 shares in the last quarter. BNP Paribas Financial Markets raised its position in Ardelyx by 274.3% in the third quarter. BNP Paribas Financial Markets now owns 181,387 shares of the biopharmaceutical company’s stock worth $1,250,000 after purchasing an additional 132,928 shares in the last quarter. Vestal Point Capital LP acquired a new position in Ardelyx in the third quarter worth about $3,445,000. SG Americas Securities LLC raised its position in Ardelyx by 283.2% in the second quarter. SG Americas Securities LLC now owns 91,672 shares of the biopharmaceutical company’s stock worth $679,000 after purchasing an additional 67,750 shares in the last quarter. Finally, Millennium Management LLC grew its stake in Ardelyx by 142.8% during the second quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock worth $23,735,000 after buying an additional 1,883,995 shares during the last quarter. Institutional investors and hedge funds own 58.92% of the company’s stock.

Insider Activity

In other news, CEO Michael Raab sold 7,500 shares of the stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $6.01, for a total transaction of $45,075.00. Following the sale, the chief executive officer now directly owns 1,210,108 shares of the company’s stock, valued at $7,272,749.08. This represents a 0.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider David P. Rosenbaum sold 49,564 shares of the stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $6.92, for a total transaction of $342,982.88. Following the completion of the transaction, the insider now owns 301,946 shares in the company, valued at $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. Insiders have sold 236,756 shares of company stock valued at $1,374,538 over the last three months. 5.90% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

ARDX has been the topic of several research analyst reports. Citigroup decreased their price objective on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. HC Wainwright cut shares of Ardelyx from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $11.00 to $5.50 in a research note 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 company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $10.42.

Ardelyx Price Performance

ARDX opened at $5.39 on Tuesday. Ardelyx, Inc. has a one year low of $4.34 and a one year high of $10.13. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.03 and a quick ratio of 3.87. The company’s 50 day simple moving average is $5.55 and its 200-day simple moving average is $5.89. The stock has a market capitalization of $1.28 billion, a P/E ratio of -17.97 and a beta of 0.83.

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.