23,504,630 Shares in Ardelyx, Inc. $ARDX Bought by BlackRock Inc.

Key Points

• BlackRock acquired 23.5 million Ardelyx shares during the second quarter, worth approximately $119.9 million and representing a 9.51% stake. Institutional investors collectively own 58.92% of the company.
• Ardelyx shares opened at $3.81, near their 12-month low of $3.72 and well below the 12-month high of $8.40. The company reported a quarterly loss of $0.07 per share, missing estimates, while revenue rose 34.3% year over year to $120.88 million.
• Analyst sentiment remains mixed but leans positive: the stock has a consensus “Moderate Buy” rating and a $13.90 price target, despite several recent target cuts and two sell ratings. Company insiders have sold 126,059 shares worth $486,588 over the past 90 days.

BlackRock Inc. acquired a new stake in shares of Ardelyx, Inc. (NASDAQ:ARDX - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 23,504,630 shares of the biopharmaceutical company's stock, valued at approximately $119,874,000. BlackRock Inc. owned 9.51% of Ardelyx at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of ARDX. Knott David M Jr bought a new position in Ardelyx during the 1st quarter valued at approximately $1,240,000. AIGH Capital Management LLC bought a new stake in Ardelyx in the second quarter worth $16,320,000. Rubric Capital Management LP bought a new stake in Ardelyx in the first quarter worth $11,147,000. Vanguard Group Inc. grew its stake in shares of Ardelyx by 3.3% in the fourth quarter. Vanguard Group Inc. now owns 18,979,483 shares of the biopharmaceutical company's stock worth $110,650,000 after acquiring an additional 610,162 shares during the last quarter. Finally, Eversept Partners LP raised its position in shares of Ardelyx by 20.0% in the 4th quarter. Eversept Partners LP now owns 1,715,129 shares of the biopharmaceutical company's stock worth $9,999,000 after purchasing an additional 285,752 shares during the last quarter. Institutional investors own 58.92% of the company's stock.

Insider Activity

In other Ardelyx news, CEO Michael Raab sold 58,574 shares of the company's stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $3.86, for a total transaction of $226,095.64. Following the completion of the sale, the chief executive officer directly owned 1,619,792 shares of the company's stock, valued at approximately $6,252,397.12. This represents a 3.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Eric Duane Foster sold 8,562 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $3.86, for a total transaction of $33,049.32. Following the completion of the transaction, the insider owned 409,410 shares in the company, valued at $1,580,322.60. The trade was a 2.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 126,059 shares of company stock worth $486,588. Company insiders own 5.30% of the company's stock.

Ardelyx Stock Down 0.3%

Shares of Ardelyx stock opened at $3.81 on Friday. Ardelyx, Inc. has a twelve month low of $3.72 and a twelve month high of $8.40. The company has a quick ratio of 3.15, a current ratio of 3.34 and a debt-to-equity ratio of 1.69. The company's 50 day moving average is $4.84 and its 200 day moving average is $5.69. The company has a market cap of $949.41 million, a price-to-earnings ratio of -17.32 and a beta of 0.70.

Ardelyx (NASDAQ:ARDX - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.02). The firm had revenue of $120.88 million for the quarter, compared to the consensus estimate of $121.03 million. Ardelyx had a negative net margin of 12.35% and a negative return on equity of 36.00%. Ardelyx's quarterly revenue was up 34.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.08) earnings per share. Research analysts anticipate that Ardelyx, Inc. will post -0.2 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ARDX. Zacks Research cut shares of Ardelyx from a "hold" rating to a "strong sell" rating in a report on Wednesday, July 22nd. BTIG Research reduced their price target on shares of Ardelyx from $17.00 to $14.00 and set a "buy" rating for the company in a research report on Friday, August 7th. Weiss Ratings downgraded shares of Ardelyx from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Monday, June 29th. Citigroup decreased their price objective on shares of Ardelyx from $14.00 to $11.00 and set a "buy" rating for the company in a report on Monday, August 10th. Finally, TD Cowen lowered their price objective on Ardelyx from $13.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $13.90.

Ardelyx Company Profile

Ardelyx, Inc NASDAQ: ARDX is a clinical‐stage biopharmaceutical company focused on discovering, developing and commercializing targeted small molecule drugs for cardio‐renal and gastrointestinal diseases. The company's lead marketed product, tenapanor (sold under the brand name XPHOZAH in the United States), is approved for the treatment of hyperphosphatemia in patients with chronic kidney disease on dialysis. Ardelyx's proprietary approach targets epithelial transporters in the gastrointestinal tract, offering localized activity with limited systemic exposure.

Beyond tenapanor, Ardelyx's development pipeline includes treatments designed to address other complications in kidney disease and related metabolic disorders.

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