AIGH Capital Management LLC Buys Shares of 3,200,000 Ardelyx, Inc. $ARDX

Key Points

• AIGH Capital Management purchased 3.2 million Ardelyx shares worth approximately $16.32 million, giving it about a 1.3% stake and making Ardelyx its 17th-largest holding.
• Institutional investors own 58.92% of Ardelyx, while insiders sold 24,572 shares worth roughly $154,000 over the past 90 days.
• Ardelyx reported quarterly revenue of $120.88 million, up 34.3% year over year, but missed EPS estimates. Analysts maintain a consensus “Moderate Buy” rating with a $15 average price target, well above the reported $4.06 share price.

AIGH Capital Management LLC purchased a new position in Ardelyx, Inc. (NASDAQ:ARDX - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 3,200,000 shares of the biopharmaceutical company's stock, valued at approximately $16,320,000. Ardelyx comprises about 1.0% of AIGH Capital Management LLC's holdings, making the stock its 17th largest holding. AIGH Capital Management LLC owned approximately 1.30% of Ardelyx as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in ARDX. First Horizon Corp grew its holdings in Ardelyx by 120.4% during the fourth quarter. First Horizon Corp now owns 7,906 shares of the biopharmaceutical company's stock valued at $46,000 after purchasing an additional 4,319 shares during the last quarter. SCS Capital Management LLC bought a new position in Ardelyx in the 2nd quarter worth $52,000. Sumitomo Mitsui Trust Group Inc. bought a new position in Ardelyx in the 4th quarter worth $60,000. Krilogy Financial LLC acquired a new position in Ardelyx during the 1st quarter worth $70,000. Finally, PVG Asset Management Corp acquired a new position in Ardelyx during the 1st quarter worth $65,000. Institutional investors own 58.92% of the company's stock.

Insider Transactions at Ardelyx

In related news, insider Eric Duane Foster sold 7,998 shares of the firm's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $6.27, for a total transaction of $50,147.46. Following the completion of the transaction, the insider owned 417,972 shares in the company, valued at $2,620,684.44. This trade represents a 1.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mike Kelliher sold 7,248 shares of the firm's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $6.27, for a total value of $45,444.96. Following the transaction, the insider owned 357,418 shares of the company's stock, valued at $2,241,010.86. This trade represents a 1.99% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 24,572 shares of company stock valued at $154,066. Corporate insiders own 5.30% of the company's stock.

Ardelyx Price Performance

ARDX opened at $4.06 on Monday. The company has a market capitalization of $1.01 billion, a P/E ratio of -18.45 and a beta of 0.70. The company has a debt-to-equity ratio of 1.69, a current ratio of 3.34 and a quick ratio of 3.15. The firm's fifty day moving average price is $5.22 and its two-hundred day moving average price is $5.93. Ardelyx, Inc. has a fifty-two week low of $3.86 and a fifty-two week high of $8.40.

Ardelyx (NASDAQ:ARDX - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.02). The business had revenue of $120.88 million during the quarter, compared to analyst estimates of $121.03 million. Ardelyx had a negative net margin of 12.35% and a negative return on equity of 36.00%. The company's quarterly revenue was up 34.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.08) EPS. On average, analysts anticipate that Ardelyx, Inc. will post -0.18 EPS for the current year.

Wall Street Analysts Forecast Growth

ARDX has been the subject of a number of recent analyst reports. BTIG Research decreased their price target on shares of Ardelyx from $17.00 to $14.00 and set a "buy" rating for the company in a report on Friday, August 7th. TD Cowen cut their price objective on Ardelyx from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Friday, August 7th. Citigroup cut their price objective on Ardelyx from $14.00 to $11.00 and set a "buy" rating for the company in a research report on Monday, August 10th. HC Wainwright restated a "buy" rating and set a $13.00 target price on shares of Ardelyx in a research note on Friday, August 7th. Finally, LADENBURG THALM/SH SH started coverage on Ardelyx in a report on Tuesday, June 16th. They issued a "buy" rating and a $16.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $15.00.

Ardelyx 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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