Nisa Investment Advisors LLC Boosts Stock Position in Ardelyx, Inc. (NASDAQ:ARDX)

Nisa Investment Advisors LLC grew its holdings in shares of Ardelyx, Inc. (NASDAQ:ARDX) by 1,026.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,548 shares of the biopharmaceutical company’s stock after buying an additional 3,233 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Ardelyx were worth $26,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. HighMark Wealth Management LLC acquired a new stake in Ardelyx in the first quarter valued at $36,000. Jump Financial LLC acquired a new stake in shares of Ardelyx in the 4th quarter valued at about $63,000. Newbridge Financial Services Group Inc. bought a new position in shares of Ardelyx during the first quarter worth about $64,000. Paloma Partners Management Co acquired a new position in Ardelyx in the first quarter worth about $86,000. Finally, Xponance Inc. increased its holdings in Ardelyx by 12.6% in the fourth quarter. Xponance Inc. now owns 14,112 shares of the biopharmaceutical company’s stock valued at $87,000 after buying an additional 1,575 shares during the last quarter. Institutional investors and hedge funds own 58.92% of the company’s stock.

Ardelyx Stock Down 0.6 %

ARDX stock opened at $6.31 on Tuesday. The company has a quick ratio of 4.36, a current ratio of 4.53 and a debt-to-equity ratio of 0.66. The firm’s 50-day simple moving average is $5.88 and its 200 day simple moving average is $7.07. The stock has a market cap of $1.47 billion, a PE ratio of -22.54 and a beta of 0.83. Ardelyx, Inc. has a fifty-two week low of $3.16 and a fifty-two week high of $10.13.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.04. The company had revenue of $73.20 million for the quarter, compared to analyst estimates of $55.03 million. Ardelyx had a negative net margin of 31.02% and a negative return on equity of 38.41%. Ardelyx’s revenue was up 228.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.08) earnings per share. As a group, sell-side analysts predict that Ardelyx, Inc. will post -0.34 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on ARDX shares. Wedbush reaffirmed an “outperform” rating and set a $11.00 target price on shares of Ardelyx in a report on Friday, August 2nd. Cantor Fitzgerald restated an “overweight” rating on shares of Ardelyx in a research note on Thursday, June 20th. StockNews.com upgraded shares of Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday, July 31st. Piper Sandler downgraded shares of Ardelyx from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $15.00 to $7.00 in a research report on Tuesday, July 2nd. Finally, HC Wainwright boosted their price objective on shares of Ardelyx from $10.00 to $11.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $11.67.

Insider Buying and Selling at Ardelyx

In other Ardelyx news, CEO Michael Raab sold 7,500 shares of the business’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $6.72, for a total transaction of $50,400.00. Following the completion of the transaction, the chief executive officer now owns 1,270,273 shares in the company, valued at approximately $8,536,234.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Justin A. Renz sold 5,289 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $5.86, for a total transaction of $30,993.54. Following the sale, the chief financial officer now owns 295,257 shares of the company’s stock, valued at $1,730,206.02. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael Raab sold 7,500 shares of the stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $6.72, for a total value of $50,400.00. Following the transaction, the chief executive officer now directly owns 1,270,273 shares of the company’s stock, valued at $8,536,234.56. The disclosure for this sale can be found here. Insiders have sold 362,432 shares of company stock valued at $2,365,024 in the last quarter. Corporate insiders own 5.50% of the company’s stock.

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.