Ardelyx, Inc. $ARDX Shares Purchased by Harbor Capital Advisors Inc.

Key Points

• Harbor Capital Advisors Inc. has increased its stake in Ardelyx, Inc. by 79.6% during the 2nd quarter, acquiring a total of 233,248 shares valued at approximately $914,000.
• Ardelyx's recent quarterly earnings report showed a revenue of $97.66 million, exceeding expectations, and the company reported earnings per share of ($0.08), better than analysts' forecasts.
• Multiple brokerages have upgraded Ardelyx’s stock ratings, with a consensus rating of "Buy" and an average price target of $11.70.

Harbor Capital Advisors Inc. boosted its position in Ardelyx, Inc. (NASDAQ:ARDX - Free Report) by 79.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 233,248 shares of the biopharmaceutical company's stock after purchasing an additional 103,385 shares during the quarter. Harbor Capital Advisors Inc. owned about 0.10% of Ardelyx worth $914,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of ARDX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Ardelyx by 2.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 154,625 shares of the biopharmaceutical company's stock valued at $788,000 after buying an additional 3,550 shares during the last quarter. GF Fund Management CO. LTD. purchased a new position in shares of Ardelyx during the 4th quarter worth about $25,000. GAMMA Investing LLC boosted its position in shares of Ardelyx by 1,342.0% in 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 during the last quarter. Palisades Investment Partners LLC increased its position in Ardelyx by 1.1% during the first quarter. Palisades Investment Partners LLC now owns 523,345 shares of the biopharmaceutical company's stock worth $2,569,000 after purchasing an additional 5,564 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in shares of Ardelyx by 6.4% in the 1st quarter. Mackenzie Financial Corp now owns 149,158 shares of the biopharmaceutical company's stock valued at $732,000 after purchasing an additional 9,025 shares during the last quarter. 58.92% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Ardelyx

In related news, insider Laura A. Williams sold 80,000 shares of Ardelyx stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $6.12, for a total value of $489,600.00. Following the completion of the sale, the insider owned 366,322 shares in the company, valued at approximately $2,241,890.64. The trade was a 17.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mike Kelliher sold 5,417 shares of the stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $5.93, for a total transaction of $32,122.81. Following the transaction, the insider owned 276,741 shares in the company, valued at $1,641,074.13. This trade represents a 1.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 165,551 shares of company stock valued at $996,917. Corporate insiders own 4.80% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ARDX. Piper Sandler lifted their target price on Ardelyx from $8.00 to $9.00 and gave the company a "neutral" rating in a report on Wednesday, August 6th. UBS Group set a $12.00 price objective on shares of Ardelyx in a research note on Tuesday, August 5th. HC Wainwright began coverage on shares of Ardelyx in a research report on Wednesday, June 18th. They set a "buy" rating and a $10.00 price target for the company. Wedbush reissued an "outperform" rating and issued a $14.00 price objective (up from $13.00) on shares of Ardelyx in a research report on Tuesday, August 5th. Finally, Raymond James Financial assumed coverage on Ardelyx in a research note on Wednesday, September 3rd. They set a "strong-buy" rating and a $14.00 price objective on the stock. Two equities 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 company. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $11.70.

Ardelyx Stock Up 0.2%

Shares of NASDAQ ARDX traded up $0.01 during midday trading on Monday, reaching $6.22. 2,040,244 shares of the company's stock were exchanged, compared to its average volume of 2,960,820. 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, Inc. has a 52-week low of $3.21 and a 52-week high of $7.18. The business's fifty day moving average price is $5.59 and its two-hundred day moving average price is $4.79. The stock has a market capitalization of $1.50 billion, a PE ratio of -27.04 and a beta of 0.73.

Ardelyx (NASDAQ:ARDX - Get Free Report) last issued 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 return on equity of 36.57% and a negative net margin of 14.60%.The firm had revenue of $97.66 million during the quarter, compared to the consensus estimate of $82.69 million. During the same quarter in the prior year, the business posted ($0.07) earnings per share. Ardelyx's revenue for the quarter was up 23.0% on a year-over-year basis. Analysts forecast that Ardelyx, Inc. will post -0.18 EPS for the current 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.