Pekin Hardy Strauss Inc. Has $2.27 Million Holdings in Ardelyx, Inc. (NASDAQ:ARDX)

Pekin Hardy Strauss Inc. lessened its holdings in Ardelyx, Inc. (NASDAQ:ARDX - Free Report) by 15.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 463,130 shares of the biopharmaceutical company's stock after selling 84,830 shares during the period. Pekin Hardy Strauss Inc. owned 0.19% of Ardelyx worth $2,274,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in ARDX. SBI Securities Co. Ltd. bought a new stake in Ardelyx in the 4th quarter valued at $41,000. Charles Schwab Investment Management Inc. raised its stake in Ardelyx by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,035,135 shares of the biopharmaceutical company's stock valued at $10,318,000 after acquiring an additional 96,357 shares during the period. Raymond James Financial Inc. bought a new stake in Ardelyx in the 4th quarter valued at $930,000. Inceptionr LLC raised its stake in Ardelyx by 87.0% in the 4th quarter. Inceptionr LLC now owns 20,133 shares of the biopharmaceutical company's stock valued at $102,000 after acquiring an additional 9,367 shares during the period. Finally, Swiss National Bank raised its stake in Ardelyx by 1.0% in the 4th quarter. Swiss National Bank now owns 463,100 shares of the biopharmaceutical company's stock valued at $2,348,000 after acquiring an additional 4,800 shares during the period. Institutional investors own 58.92% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ARDX. Piper Sandler upgraded Ardelyx to a "hold" rating in a research report on Wednesday, March 12th. Wall Street Zen cut Ardelyx from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Raymond James Financial cut Ardelyx from a "strong-buy" rating to an "outperform" rating and set a $11.00 price objective on the stock. in a research report on Friday, May 2nd. Citigroup lowered their price objective on Ardelyx from $11.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Finally, HC Wainwright began coverage on Ardelyx in a research report on Wednesday, June 18th. They set a "buy" rating and a $10.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Ardelyx presently has a consensus rating of "Moderate Buy" and an average price target of $10.89.

Ardelyx Price Performance

Shares of ARDX traded up $0.12 during trading hours on Wednesday, hitting $4.60. 6,907,803 shares of the company were exchanged, compared to its average volume of 4,406,888. The company has a market cap of $1.10 billion, a price-to-earnings ratio of -20.91 and a beta of 0.60. Ardelyx, Inc. has a fifty-two week low of $3.21 and a fifty-two week high of $7.18. The company has a quick ratio of 3.81, a current ratio of 4.12 and a debt-to-equity ratio of 1.04. The firm's fifty day moving average is $3.86 and its 200 day moving average is $4.72.

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

Insider Activity at Ardelyx

In related news, Director David M. Mott bought 200,000 shares of Ardelyx stock in a transaction dated Monday, June 16th. The shares were bought at an average cost of $3.63 per share, with a total value of $726,000.00. Following the acquisition, the director owned 2,896,871 shares in the company, valued at $10,515,641.73. This trade represents a 7.42% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Justin A. Renz sold 7,218 shares of the firm's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $4.08, for a total value of $29,449.44. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders acquired 881,377 shares of company stock worth $3,402,411 and sold 125,143 shares worth $517,667. Company insiders own 4.80% of the company's stock.

Ardelyx Company 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.