Inspire Investing LLC Increases Stock Position in Ardelyx, Inc. (NASDAQ:ARDX)

Inspire Investing LLC lifted its position in shares of Ardelyx, Inc. (NASDAQ:ARDX) by 22.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 59,793 shares of the biopharmaceutical company’s stock after purchasing an additional 10,912 shares during the period. Inspire Investing LLC’s holdings in Ardelyx were worth $412,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ARDX. Vanguard Group Inc. lifted its position in shares of Ardelyx by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 13,391,855 shares of the biopharmaceutical company’s stock worth $97,761,000 after buying an additional 365,809 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Ardelyx by 68.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,913,863 shares of the biopharmaceutical company’s stock valued at $28,572,000 after acquiring an additional 1,584,597 shares during the last quarter. Millennium Management LLC lifted its holdings 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 acquiring an additional 1,883,995 shares during the period. Redmile Group LLC purchased a new position in Ardelyx in the first quarter worth $16,020,000. Finally, Simplify Asset Management Inc. boosted 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 purchasing an additional 248,000 shares during the last quarter. 58.92% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ARDX has been the subject of several research analyst reports. HC Wainwright raised their target price on Ardelyx from $10.00 to $11.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Wedbush restated an “outperform” rating and set a $11.00 price objective on shares of Ardelyx in a report on Friday, August 2nd. Citigroup boosted their target price on shares of Ardelyx from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Piper Sandler lowered shares of Ardelyx from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $15.00 to $7.00 in a research note on Tuesday, July 2nd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Ardelyx in a report on Thursday, June 20th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.67.

Ardelyx Price Performance

ARDX opened at $5.83 on Friday. The firm has a 50-day moving average price of $6.09 and a 200-day moving average price of $6.43. Ardelyx, Inc. has a twelve month low of $3.40 and a twelve month high of $10.13. The company has a quick ratio of 3.99, a current ratio of 4.21 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $1.36 billion, a price-to-earnings ratio of -20.82 and a beta of 0.90.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings data on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share 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 analyst estimates of $55.03 million. Ardelyx had a negative net margin of 31.02% and a negative return on equity of 39.73%. Ardelyx’s revenue was up 228.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.08) EPS. Equities analysts expect that Ardelyx, Inc. will post -0.25 EPS for the current year.

Insider Activity

In related news, CEO Michael Raab sold 30,000 shares of the 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 sale, the chief executive officer now owns 1,260,463 shares of the company’s stock, valued at approximately $7,109,011.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through 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 shares were sold at an average price of $5.86, for a total transaction of $30,993.54. Following the completion of the transaction, the chief financial officer now owns 295,257 shares of the company’s stock, valued at approximately $1,730,206.02. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Raab sold 30,000 shares of the stock in a transaction that occurred on 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 owns 1,260,463 shares in the company, valued at $7,109,011.32. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 217,126 shares of company stock worth $1,320,413. 5.50% of the stock is owned by corporate insiders.

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.