ADAR1 Capital Management LLC Raises Stock Holdings in Ardelyx, Inc. $ARDX

Key Points

• ADAR1 Capital Management LLC significantly increased its holdings in Ardelyx, Inc. by 1,481.3% during the first quarter, owning 490,743 shares valued at approximately $2.41 million.
• Institutional investors now own 58.92% of Ardelyx's stock, with notable activity from funds like Nuveen LLC and D.E. Shaw & Co., reflecting strong institutional confidence in the biopharmaceutical firm.
• Ardelyx's recent earnings report showed a 23% increase in revenue year-over-year, exceeding expectations, with an EPS of ($0.08) compared to the forecast of ($0.13).

ADAR1 Capital Management LLC raised its holdings in Ardelyx, Inc. (NASDAQ:ARDX - Free Report) by 1,481.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 490,743 shares of the biopharmaceutical company's stock after buying an additional 459,708 shares during the quarter. ADAR1 Capital Management LLC owned about 0.21% of Ardelyx worth $2,410,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ARDX. Nuveen LLC bought a new stake in shares of Ardelyx during the 1st quarter valued at about $16,735,000. Janus Henderson Group PLC raised its position in shares of Ardelyx by 13.3% in the 4th quarter. Janus Henderson Group PLC now owns 24,387,941 shares of the biopharmaceutical company's stock worth $123,587,000 after acquiring an additional 2,858,061 shares in the last quarter. Two Seas Capital LP purchased a new position in shares of Ardelyx in the 4th quarter valued at approximately $9,407,000. D. E. Shaw & Co. Inc. grew its stake in Ardelyx by 9,499.8% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,468,668 shares of the biopharmaceutical company's stock worth $7,446,000 after purchasing an additional 1,453,369 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in Ardelyx in the fourth quarter worth $6,762,000. Hedge funds and other institutional investors own 58.92% of the company's stock.

Insider Transactions at Ardelyx

In other Ardelyx news, insider Laura A. Williams sold 80,000 shares of the business's stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $6.12, for a total transaction of $489,600.00. Following the completion of the sale, the insider directly owned 366,322 shares in the company, valued at $2,241,890.64. The trade was a 17.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David M. Mott purchased 200,000 shares of Ardelyx stock in a transaction dated Monday, June 16th. The shares were acquired at an average cost of $3.63 per share, with a total value of $726,000.00. Following the transaction, the director directly owned 2,896,871 shares in the company, valued at approximately $10,515,641.73. The trade was a 7.42% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 165,551 shares of company stock worth $996,917. Company insiders own 4.80% of the company's stock.

Analysts Set New Price Targets

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

Ardelyx Stock Performance

NASDAQ ARDX traded down $0.05 during trading hours on Friday, hitting $6.52. The company's stock had a trading volume of 3,006,810 shares, compared to its average volume of 3,391,812. Ardelyx, Inc. has a 12 month low of $3.21 and a 12 month high of $7.18. The company's 50 day simple moving average is $5.12 and its two-hundred day simple moving average is $4.70. The company has a debt-to-equity ratio of 1.44, a current ratio of 4.30 and a quick ratio of 4.03. The company has a market cap of $1.57 billion, a P/E ratio of -28.35 and a beta of 0.74.

Ardelyx (NASDAQ:ARDX - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The biopharmaceutical company reported ($0.08) EPS for the quarter, topping 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 firm had revenue of $97.66 million during the quarter, compared to analyst estimates of $82.69 million. During the same period in the previous year, the business posted ($0.07) earnings per share. The business's revenue for the quarter was up 23.0% on a year-over-year basis. As a group, sell-side analysts expect that Ardelyx, Inc. will post -0.18 EPS for the current fiscal year.

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.