Cubist Systematic Strategies LLC Takes $1.90 Million Position in Ardelyx, Inc. (NASDAQ:ARDX)

Cubist Systematic Strategies LLC acquired a new stake in Ardelyx, Inc. (NASDAQ:ARDX - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 375,467 shares of the biopharmaceutical company's stock, valued at approximately $1,904,000. Cubist Systematic Strategies LLC owned approximately 0.16% of Ardelyx at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Brevan Howard Capital Management LP purchased a new stake in Ardelyx during the 4th quarter worth approximately $108,000. Bayesian Capital Management LP purchased a new stake in Ardelyx during the 4th quarter worth approximately $256,000. BNP Paribas Financial Markets increased its stake in Ardelyx by 54.5% during the 4th quarter. BNP Paribas Financial Markets now owns 280,269 shares of the biopharmaceutical company's stock worth $1,421,000 after buying an additional 98,882 shares during the period. Ameriprise Financial Inc. purchased a new stake in Ardelyx during the 4th quarter worth approximately $211,000. Finally, Algert Global LLC acquired a new stake in Ardelyx in the 4th quarter valued at about $4,984,000. 58.92% of the stock is owned by institutional investors and hedge funds.

Ardelyx Price Performance

Shares of ARDX opened at $3.62 on Monday. Ardelyx, Inc. has a 1-year low of $3.50 and a 1-year high of $8.14. The stock has a market cap of $866.10 million, a PE ratio of -22.63 and a beta of 0.76. The company has a debt-to-equity ratio of 0.87, a current ratio of 4.58 and a quick ratio of 4.31. The firm has a fifty day moving average price of $4.85 and a 200 day moving average price of $5.17.

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

Insider Activity

In related news, insider Laura A. Williams sold 4,941 shares of the firm'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 transaction, the insider now owns 303,804 shares of the company's stock, valued at $1,707,378.48. This trade represents a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director David M. Mott purchased 381,377 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were bought at an average cost of $4.22 per share, for a total transaction of $1,609,410.94. Following the acquisition, the director now 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 disclosure for this purchase can be found here. Over the last ninety days, insiders sold 158,076 shares of company stock valued at $777,555. 5.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

ARDX has been the topic of a number of analyst reports. 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, May 2nd. BTIG Research initiated coverage on Ardelyx in a research report on Tuesday, March 4th. They issued a "buy" rating and a $14.00 price target on the stock. Piper Sandler raised Ardelyx to a "hold" rating in a research report on Wednesday, March 12th. Cantor Fitzgerald upgraded shares of Ardelyx to a "strong-buy" rating in a research note on Tuesday, March 4th. Finally, LADENBURG THALM/SH SH reiterated a "buy" rating and set a $11.00 target price on shares of Ardelyx in a research note on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $10.39.

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.

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