Geode Capital Management LLC Grows Stock Position in Ardelyx, Inc. (NASDAQ:ARDX)

Geode Capital Management LLC grew its stake in Ardelyx, Inc. (NASDAQ:ARDX) by 0.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,487,742 shares of the biopharmaceutical company’s stock after buying an additional 17,296 shares during the quarter. Geode Capital Management LLC’s holdings in Ardelyx were worth $37,818,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Nisa Investment Advisors LLC boosted its position in Ardelyx by 1,026.3% in the 2nd 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 valued at $62,000. Coastal Bridge Advisors LLC purchased a new stake in Ardelyx during the second quarter worth $74,000. Helen Stephens Group LLC acquired a new stake in Ardelyx during the third quarter valued at $76,000. Finally, CWM LLC increased its holdings in Ardelyx by 328.1% in 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.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Citigroup dropped their target price on Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. HC Wainwright lowered Ardelyx from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $11.00 to $5.50 in a report on Monday, November 11th. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Ardelyx currently has an average rating of “Moderate Buy” and a consensus price target of $10.42.

Ardelyx Price Performance

NASDAQ:ARDX opened at $4.64 on Wednesday. The stock has a 50 day moving average of $5.42 and a two-hundred day moving average of $5.81. Ardelyx, Inc. has a 12 month low of $4.32 and a 12 month high of $10.13. The firm has a market cap of $1.10 billion, a P/E ratio of -15.47 and a beta of 0.83. The company has a current ratio of 4.03, a quick ratio of 3.87 and a debt-to-equity ratio of 0.64.

Insider Transactions at Ardelyx

In other Ardelyx news, CEO Michael Raab sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $6.01, for a total value of $45,075.00. Following the transaction, the chief executive officer now directly owns 1,210,108 shares of the company’s stock, valued at $7,272,749.08. This trade represents a 0.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David M. Mott bought 213,300 shares of the stock in a transaction dated Thursday, December 19th. The shares were bought at an average price of $4.67 per share, for a total transaction of $996,111.00. Following the completion of the acquisition, the director now owns 1,638,765 shares in the company, valued at approximately $7,653,032.55. The trade was a 14.96 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 236,756 shares of company stock valued at $1,374,538 over the last ninety days. Insiders own 5.90% of the company’s stock.

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.