Bank of New York Mellon Corp Invests $3.82 Million in Ardelyx, Inc. $ARDX

Key Points

• Bank of New York Mellon acquired 749,676 Ardelyx shares worth approximately $3.82 million, giving it a 0.30% stake. Institutional investors collectively own 58.92% of the company.
• Ardelyx insiders sold 126,059 shares worth $486,588 over the past 90 days, including sales by CEO Michael Raab and insider Laura Williams.
• ARDX recently traded near its 12-month low at $3.78 after missing quarterly EPS expectations, though analysts maintain a consensus “Moderate Buy” rating with a $13.90 price target.

Bank of New York Mellon Corp bought a new position in shares of Ardelyx, Inc. (NASDAQ:ARDX - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 749,676 shares of the biopharmaceutical company's stock, valued at approximately $3,823,000. Bank of New York Mellon Corp owned about 0.30% of Ardelyx at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Ardelyx by 3.3% during the 4th quarter. Vanguard Group Inc. now owns 18,979,483 shares of the biopharmaceutical company's stock worth $110,650,000 after buying an additional 610,162 shares during the last quarter. Janus Henderson Group PLC grew its stake in Ardelyx by 5.0% in the 4th quarter. Janus Henderson Group PLC now owns 14,514,692 shares of the biopharmaceutical company's stock valued at $84,583,000 after buying an additional 690,599 shares during the last quarter. State Street Corp grew its stake in Ardelyx by 22.6% in the 4th quarter. State Street Corp now owns 11,912,339 shares of the biopharmaceutical company's stock valued at $69,449,000 after buying an additional 2,193,649 shares during the last quarter. Geode Capital Management LLC raised its holdings in Ardelyx by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 5,827,618 shares of the biopharmaceutical company's stock valued at $33,981,000 after acquiring an additional 70,832 shares during the period. Finally, Bank of America Corp DE raised its holdings in Ardelyx by 88.8% in the 2nd quarter. Bank of America Corp DE now owns 5,527,988 shares of the biopharmaceutical company's stock valued at $21,670,000 after acquiring an additional 2,600,080 shares during the period. Institutional investors own 58.92% of the company's stock.

Insider Buying and Selling at Ardelyx

In other news, insider Laura A. Williams sold 10,739 shares of the company's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $3.86, for a total transaction of $41,452.54. Following the completion of the sale, the insider directly owned 367,456 shares in the company, valued at approximately $1,418,380.16. This represents a 2.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Raab sold 58,574 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $3.86, for a total value of $226,095.64. Following the sale, the chief executive officer directly owned 1,619,792 shares in the company, valued at approximately $6,252,397.12. This trade represents a 3.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 126,059 shares of company stock valued at $486,588 over the last ninety days. 5.30% of the stock is owned by corporate insiders.

Ardelyx Stock Performance

NASDAQ ARDX opened at $3.78 on Friday. The company has a quick ratio of 3.15, a current ratio of 3.34 and a debt-to-equity ratio of 1.69. The company has a market capitalization of $941.94 million, a P/E ratio of -17.18 and a beta of 0.70. Ardelyx, Inc. has a 12-month low of $3.68 and a 12-month high of $8.40. The firm has a 50-day moving average price of $4.61 and a two-hundred day moving average price of $5.57.

Ardelyx (NASDAQ:ARDX - Get Free Report) last announced its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.02). Ardelyx had a negative return on equity of 36.00% and a negative net margin of 12.35%.The business had revenue of $120.88 million for the quarter, compared to the consensus estimate of $121.03 million. During the same period in the prior year, the business posted ($0.08) earnings per share. The firm's revenue for the quarter was up 34.3% compared to the same quarter last year. Analysts anticipate that Ardelyx, Inc. will post -0.2 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on ARDX shares. Wedbush restated an "outperform" rating and set a $9.00 price objective on shares of Ardelyx in a report on Tuesday, August 18th. BTIG Research lowered their target price on Ardelyx from $17.00 to $14.00 and set a "buy" rating on the stock in a research note on Friday, August 7th. Piper Sandler dropped their price target on Ardelyx from $16.00 to $15.00 and set an "overweight" rating for the company in a report on Monday, August 17th. Zacks Research downgraded Ardelyx from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 22nd. Finally, TD Cowen reduced their price target on Ardelyx from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $13.90.

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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