Algert Global LLC Buys New Position in Ardelyx, Inc. (NASDAQ:ARDX)

Algert Global LLC bought a new stake in Ardelyx, Inc. (NASDAQ:ARDX) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 23,421 shares of the biopharmaceutical company’s stock, valued at approximately $174,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Nisa Investment Advisors LLC raised its stake in Ardelyx by 1,026.3% in the second quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock valued at $26,000 after purchasing an additional 3,233 shares in the last quarter. HighMark Wealth Management LLC bought a new position in Ardelyx during the first quarter valued at approximately $36,000. Redwood Wealth Management Group LLC bought a new position in Ardelyx during the second quarter valued at approximately $62,000. Paloma Partners Management Co bought a new position in Ardelyx during the first quarter valued at approximately $86,000. Finally, World Equity Group Inc. grew 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 acquiring an additional 2,453 shares during the last quarter. 58.92% of the stock is owned by hedge funds and other institutional investors.

Ardelyx Price Performance

NASDAQ ARDX opened at $6.04 on Friday. The stock has a 50-day moving average of $6.07 and a 200 day moving average of $6.48. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of -21.57 and a beta of 0.90. Ardelyx, Inc. has a one year low of $3.16 and a one year high of $10.13. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.99 and a current ratio of 4.21.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. The business had revenue of $73.20 million during the quarter, compared to the consensus estimate of $55.03 million. Ardelyx had a negative return on equity of 39.73% and a negative net margin of 31.02%. The business’s quarterly revenue was up 228.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.08) EPS. On average, sell-side analysts forecast that Ardelyx, Inc. will post -0.26 EPS for the current year.

Insider Buying and Selling at Ardelyx

In other Ardelyx news, CEO Michael Raab sold 30,000 shares of the business’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $5.64, for a total transaction of $169,200.00. Following the completion of the sale, the chief executive officer now directly owns 1,260,463 shares in the company, valued at $7,109,011.32. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Michael Raab sold 30,000 shares of Ardelyx stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $5.64, for a total transaction of $169,200.00. Following the transaction, the chief executive officer now directly owns 1,260,463 shares of the company’s stock, valued at $7,109,011.32. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Justin A. Renz sold 5,289 shares of Ardelyx stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $5.86, for a total value of $30,993.54. Following the transaction, the chief financial officer now directly owns 295,257 shares in the company, valued at approximately $1,730,206.02. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 217,126 shares of company stock worth $1,320,113 in the last three months. 5.50% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ARDX shares. HC Wainwright raised their target price on shares of Ardelyx from $10.00 to $11.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Piper Sandler cut shares of Ardelyx from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $15.00 to $7.00 in a report on Tuesday, July 2nd. StockNews.com upgraded shares of Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Citigroup raised their target price on shares of Ardelyx from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Finally, Wedbush restated an “outperform” rating and issued a $11.00 target price on shares of Ardelyx in a report on Friday, August 2nd. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $11.67.

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.