Adage Capital Partners GP L.L.C. Makes New $3.30 Million Investment in Ardelyx, Inc. (NASDAQ:ARDX)

Adage Capital Partners GP L.L.C. bought a new position in shares of Ardelyx, Inc. (NASDAQ:ARDX - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 650,000 shares of the biopharmaceutical company's stock, valued at approximately $3,296,000. Adage Capital Partners GP L.L.C. owned about 0.27% of Ardelyx as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Barclays PLC boosted its position in shares of Ardelyx by 24.9% in the third quarter. Barclays PLC now owns 547,325 shares of the biopharmaceutical company's stock valued at $3,770,000 after acquiring an additional 109,285 shares during the period. B. Riley Wealth Advisors Inc. boosted its stake in shares of Ardelyx by 3.4% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 90,000 shares of the biopharmaceutical company's stock valued at $599,000 after purchasing an additional 3,000 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Ardelyx by 1.6% in the third quarter. JPMorgan Chase & Co. now owns 387,144 shares of the biopharmaceutical company's stock valued at $2,667,000 after buying an additional 6,093 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its stake in shares of Ardelyx by 25.5% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 808,392 shares of the biopharmaceutical company's stock worth $4,099,000 after buying an additional 164,480 shares during the last quarter. Finally, SG Americas Securities LLC increased its holdings in shares of Ardelyx by 41.8% during the fourth quarter. SG Americas Securities LLC now owns 54,886 shares of the biopharmaceutical company's stock worth $278,000 after buying an additional 16,182 shares in the last quarter. Institutional investors own 58.92% of the company's stock.

Ardelyx Stock Down 24.5 %

NASDAQ:ARDX traded down $1.34 during trading hours on Friday, reaching $4.13. The company had a trading volume of 20,504,591 shares, compared to its average volume of 4,428,775. Ardelyx, Inc. has a twelve month low of $4.02 and a twelve month high of $9.33. The company has a quick ratio of 4.31, a current ratio of 4.58 and a debt-to-equity ratio of 0.87. The firm has a market cap of $984.41 million, a price-to-earnings ratio of -25.81 and a beta of 0.76. The business's 50-day simple moving average is $5.00 and its two-hundred day simple moving average is $5.25.

Ardelyx (NASDAQ:ARDX - Get Free Report) last issued its earnings results on Thursday, May 1st. The biopharmaceutical company reported ($0.17) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.07). The firm had revenue of $74.11 million during the quarter, compared to the consensus estimate of $79.40 million. Ardelyx had a negative net margin of 11.73% and a negative return on equity of 24.87%. The business's quarterly revenue was up 61.1% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.11) earnings per share. On average, equities analysts expect that Ardelyx, Inc. will post -0.18 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Michael Raab sold 41,666 shares of Ardelyx stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $4.59, for a total transaction of $191,246.94. Following the completion of the transaction, the chief executive officer now directly owns 1,615,587 shares in the company, valued at $7,415,544.33. This trade represents a 2.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Laura A. Williams sold 4,941 shares of the company's stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $5.62, for a total transaction of $27,768.42. Following the completion of the sale, the insider now owns 303,804 shares in the company, valued at $1,707,378.48. This represents a 1.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 116,410 shares of company stock worth $600,475 in the last ninety days. Corporate insiders own 5.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. LADENBURG THALM/SH SH reiterated a "buy" rating and issued a $11.00 price objective on shares of Ardelyx in a report on Friday, March 7th. Piper Sandler raised shares of Ardelyx to a "hold" rating in a research note on Wednesday, March 12th. BTIG Research initiated coverage on Ardelyx in a research report on Tuesday, March 4th. They set a "buy" rating and a $14.00 target price for the company. Citigroup reduced their price target on Ardelyx from $11.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday. Finally, Cantor Fitzgerald upgraded Ardelyx to a "strong-buy" rating in a research report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Ardelyx currently has an average rating of "Moderate Buy" and a consensus price target of $10.39.

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.