Ardelyx, Inc. $ARDX Shares Sold by Algert Global LLC

Key Points

• Algert Global LLC reduced its stake in Ardelyx, Inc. by 7.7% in Q1, selling 75,566 shares, leaving it with approximately 907,518 shares valued at $4.46 million.
• Institutional investors hold 58.92% of Ardelyx's stock, with several hedge funds recently increasing their positions, indicating continued interest in the biopharmaceutical company.
• Ardelyx's recent earnings report showed a revenue increase of 23.0% year-over-year, beating consensus estimates, with reported EPS of ($0.08) compared to analyst expectations of ($0.13).

Algert Global LLC lowered its stake in Ardelyx, Inc. (NASDAQ:ARDX - Free Report) by 7.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 907,518 shares of the biopharmaceutical company's stock after selling 75,566 shares during the quarter. Algert Global LLC owned about 0.38% of Ardelyx worth $4,456,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. GF Fund Management CO. LTD. acquired a new stake in shares of Ardelyx during the fourth quarter worth about $25,000. Cyndeo Wealth Partners LLC acquired a new stake in shares of Ardelyx during the first quarter worth about $49,000. Quarry LP acquired a new stake in shares of Ardelyx during the fourth quarter worth about $51,000. Rehmann Capital Advisory Group acquired a new stake in shares of Ardelyx during the fourth quarter worth about $51,000. Finally, Crestline Management LP acquired a new stake in shares of Ardelyx during the fourth quarter worth about $64,000. Institutional investors and hedge funds own 58.92% of the company's stock.

Insiders Place Their Bets

In other news, Director David M. Mott acquired 200,000 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were purchased at an average cost of $3.63 per share, for a total transaction 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. This represents a 7.42% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 4.80% of the stock is currently owned by company insiders.

Ardelyx Price Performance

Shares of ARDX remained flat at $6.11 during mid-day trading on Friday. 3,653,288 shares of the stock were exchanged, compared to its average volume of 4,771,855. The company has a quick ratio of 4.03, a current ratio of 4.30 and a debt-to-equity ratio of 1.44. The stock has a market cap of $1.47 billion, a PE ratio of -26.56 and a beta of 0.68. The stock's 50-day simple moving average is $4.53 and its two-hundred day simple moving average is $4.66. Ardelyx, Inc. has a twelve month low of $3.21 and a twelve month high of $7.18.

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. HC Wainwright assumed coverage on shares of Ardelyx in a research report on Wednesday, June 18th. They set a "buy" rating and a $10.00 price target on the stock. UBS Group set a $12.00 target price on shares of Ardelyx in a research note on Tuesday, August 5th. Citigroup cut their target price on shares of Ardelyx from $11.00 to $10.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Wall Street Zen upgraded shares of Ardelyx from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Piper Sandler upped their target price on shares of Ardelyx from $8.00 to $9.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $11.50.

Ardelyx 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.