Ardelyx, Inc. (NASDAQ:ARDX) Shares Sold by Pekin Hardy Strauss Inc.

Pekin Hardy Strauss Inc. reduced its position in shares of Ardelyx, Inc. (NASDAQ:ARDX - Free Report) by 15.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 463,130 shares of the biopharmaceutical company's stock after selling 84,830 shares during the quarter. Pekin Hardy Strauss Inc. owned about 0.19% of Ardelyx worth $2,274,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Clay Northam Wealth Management LLC lifted its position in Ardelyx by 12.9% in the first quarter. Clay Northam Wealth Management LLC now owns 347,455 shares of the biopharmaceutical company's stock worth $1,706,000 after buying an additional 39,775 shares during the last quarter. Palumbo Wealth Management LLC raised its position in Ardelyx by 62.2% during the 1st quarter. Palumbo Wealth Management LLC now owns 27,638 shares of the biopharmaceutical company's stock valued at $136,000 after purchasing an additional 10,597 shares in the last quarter. World Equity Group Inc. bought a new stake in shares of Ardelyx in the first quarter valued at about $85,000. Cyndeo Wealth Partners LLC bought a new position in Ardelyx in the first quarter worth approximately $49,000. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Ardelyx by 87.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 53,336 shares of the biopharmaceutical company's stock worth $262,000 after acquiring an additional 24,893 shares in the last quarter. Institutional investors own 58.92% of the company's stock.

Insider Transactions at Ardelyx

In other Ardelyx news, insider Laura A. Williams sold 6,421 shares of the firm's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $4.08, for a total value of $26,197.68. Following the sale, the insider directly owned 402,583 shares in the company, valued at $1,642,538.64. This trade represents a 1.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Justin A. Renz sold 7,218 shares of the firm's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $4.08, for a total value of $29,449.44. Following the sale, the chief financial officer directly owned 416,089 shares in the company, valued at $1,697,643.12. This trade represents a 1.71% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders bought 881,377 shares of company stock valued at $3,402,411 and sold 125,143 shares valued at $517,667. 4.80% of the stock is currently owned by company insiders.

Ardelyx Trading Up 2.2%

Shares of NASDAQ:ARDX traded up $0.10 during mid-day trading on Thursday, reaching $4.70. 4,159,355 shares of the company were exchanged, compared to its average volume of 4,405,920. The company has a debt-to-equity ratio of 1.04, a current ratio of 4.12 and a quick ratio of 3.81. The firm has a market cap of $1.12 billion, a price-to-earnings ratio of -21.36 and a beta of 0.60. The firm's 50-day simple moving average is $3.86 and its 200 day simple moving average is $4.72. Ardelyx, Inc. has a 1 year low of $3.21 and a 1 year high of $7.18.

Ardelyx (NASDAQ:ARDX - Get Free Report) last announced its earnings results on Thursday, May 1st. The biopharmaceutical company reported ($0.17) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.07). Ardelyx had a negative net margin of 14.86% and a negative return on equity of 34.45%. The firm had revenue of $74.11 million for the quarter, compared to analysts' expectations of $79.40 million. During the same quarter last year, the business earned ($0.11) earnings per share. The business's revenue was up 61.1% compared to the same quarter last year. Equities research analysts forecast that Ardelyx, Inc. will post -0.18 EPS for the current year.

Wall Street Analysts Forecast Growth

ARDX has been the topic of a number of recent analyst reports. Citigroup reduced their price target on Ardelyx from $11.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Raymond James Financial downgraded Ardelyx from a "strong-buy" rating to an "outperform" rating and set a $11.00 price target on the stock. in a research report on Friday, May 2nd. 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. Piper Sandler raised Ardelyx to a "hold" rating in a report on Wednesday, March 12th. Finally, Wall Street Zen cut Ardelyx from a "hold" rating to a "sell" rating in a report on Monday, May 5th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $10.89.

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.