Adage Capital Partners GP L.L.C. Boosts Stake in Ardelyx, Inc. $ARDX

Adage Capital Partners GP L.L.C. lifted its stake in Ardelyx, Inc. (NASDAQ:ARDX - Free Report) by 86.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,211,000 shares of the biopharmaceutical company's stock after buying an additional 561,000 shares during the period. Adage Capital Partners GP L.L.C. owned about 0.51% of Ardelyx worth $5,946,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. GF Fund Management CO. LTD. acquired a new position in shares of Ardelyx during the fourth quarter worth about $25,000. GAMMA Investing LLC raised its holdings in Ardelyx by 1,342.0% during the first quarter. GAMMA Investing LLC now owns 5,912 shares of the biopharmaceutical company's stock worth $290,000 after acquiring an additional 5,502 shares in the last quarter. Cyndeo Wealth Partners LLC bought a new stake in Ardelyx during the first quarter worth about $49,000. Focus Partners Advisor Solutions LLC bought a new stake in Ardelyx during the first quarter worth about $56,000. Finally, Crestline Management LP bought a new stake in Ardelyx during the fourth quarter worth about $64,000. 58.92% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Eric Duane Foster sold 15,308 shares of the stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $5.93, for a total transaction of $90,776.44. Following the transaction, the insider directly owned 301,498 shares in the company, valued at approximately $1,787,883.14. This represents a 4.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Elizabeth A. Grammer sold 5,841 shares of the stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $5.93, for a total value of $34,637.13. Following the transaction, the insider owned 305,890 shares in the company, valued at $1,813,927.70. This trade represents a 1.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 165,551 shares of company stock valued at $996,917 in the last 90 days. Company insiders own 4.80% of the company's stock.

Ardelyx Price Performance

Shares of NASDAQ:ARDX traded up $0.05 during trading hours on Thursday, hitting $6.69. 2,408,383 shares of the company's stock traded hands, compared to its average volume of 4,638,410. Ardelyx, Inc. has a 52 week low of $3.21 and a 52 week high of $7.18. The company's fifty day simple moving average is $5.28 and its two-hundred day simple moving average is $4.73. The company has a market cap of $1.61 billion, a price-to-earnings ratio of -29.06 and a beta of 0.74. The company has a debt-to-equity ratio of 1.44, a quick ratio of 4.03 and a current ratio of 4.30.

Ardelyx (NASDAQ:ARDX - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The biopharmaceutical company reported ($0.08) EPS for the quarter, beating analysts' consensus estimates of ($0.13) by $0.05. Ardelyx had a negative net margin of 14.60% and a negative return on equity of 36.57%. The company had revenue of $97.66 million for the quarter, compared to analyst estimates of $82.69 million. During the same quarter last year, the firm posted ($0.07) earnings per share. The company's quarterly revenue was up 23.0% compared to the same quarter last year. As a group, equities analysts anticipate that Ardelyx, Inc. will post -0.18 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on ARDX shares. Wall Street Zen raised Ardelyx from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Raymond James Financial assumed coverage on Ardelyx in a research note on Wednesday, September 3rd. They issued a "strong-buy" rating and a $14.00 target price for the company. UBS Group set a $12.00 price target on Ardelyx in a research note on Tuesday, August 5th. HC Wainwright initiated coverage on shares of Ardelyx in a research report on Wednesday, June 18th. They set a "buy" rating and a $10.00 target price on the stock. Finally, Piper Sandler lifted their price target on shares of Ardelyx from $8.00 to $9.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $11.70.

Ardelyx Company 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.