Algert Global LLC Makes New Investment in Ardelyx, Inc. (NASDAQ:ARDX)

Algert Global LLC purchased a new position in Ardelyx, Inc. (NASDAQ:ARDX - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 983,084 shares of the biopharmaceutical company's stock, valued at approximately $4,984,000. Algert Global LLC owned 0.42% of Ardelyx at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Newbridge Financial Services Group Inc. purchased a new stake in Ardelyx in the fourth quarter worth $35,000. SBI Securities Co. Ltd. acquired a new stake in Ardelyx in the 4th quarter worth approximately $41,000. Quarry LP acquired a new position in Ardelyx in the 4th quarter worth approximately $51,000. Rehmann Capital Advisory Group acquired a new position in shares of Ardelyx in the 4th quarter valued at $51,000. Finally, Covestor Ltd boosted its position in Ardelyx by 287.0% during the fourth quarter. Covestor Ltd now owns 11,315 shares of the biopharmaceutical company's stock worth $57,000 after acquiring an additional 8,391 shares during the last quarter. Institutional investors own 58.92% of the company's stock.

Insiders Place Their Bets

In related news, Director David M. Mott bought 381,377 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The shares were bought at an average price of $4.22 per share, for a total transaction of $1,609,410.94. Following the transaction, the director now directly owns 2,396,871 shares of the company's stock, valued at approximately $10,114,795.62. The trade was a 18.92 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael Raab sold 41,666 shares of Ardelyx stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $4.25, for a total transaction of $177,080.50. Following the completion of the transaction, the chief executive officer now owns 1,594,754 shares of the company's stock, valued at $6,777,704.50. The trade was a 2.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 158,076 shares of company stock valued at $777,555 over the last ninety days. Corporate insiders own 5.90% of the company's stock.

Ardelyx Stock Performance

NASDAQ:ARDX traded down $0.02 during midday trading on Friday, hitting $3.62. The company's stock had a trading volume of 5,437,990 shares, compared to its average volume of 4,380,254. Ardelyx, Inc. has a fifty-two week low of $3.50 and a fifty-two week high of $8.14. The firm has a market cap of $866.10 million, a P/E ratio of -22.63 and a beta of 0.76. The firm's 50 day moving average is $4.85 and its 200-day moving average is $5.18. The company has a debt-to-equity ratio of 0.87, a current ratio of 4.58 and a quick ratio of 4.31.

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Scotiabank assumed coverage on shares of Ardelyx in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $15.00 price target for the company. Citigroup decreased their target price on Ardelyx from $11.00 to $10.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Piper Sandler raised shares of Ardelyx to a "hold" rating in a research note on Wednesday, March 12th. HC Wainwright reissued a "neutral" rating and issued a $5.50 price objective on shares of Ardelyx in a research note on Friday, February 21st. Finally, BTIG Research assumed coverage on Ardelyx in a research note on Tuesday, March 4th. They set a "buy" rating and a $14.00 target price for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average 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.