Dynamic Technology Lab Private Ltd Takes Position in Ardelyx, Inc. $ARDX

Key Points

• Dynamic Technology Lab Private Ltd has made a new investment in Ardelyx, Inc. by purchasing 137,123 shares valued at approximately $673,000.
• Ardelyx's recent earnings report showed a revenue of $97.66 million, surpassing analyst expectations and representing a 23% increase year-over-year.
• Several institutional investors have significantly increased their stakes in Ardelyx, with 58.92% of the stock currently owned by institutional investors.

Dynamic Technology Lab Private Ltd bought a new stake in Ardelyx, Inc. (NASDAQ:ARDX - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 137,123 shares of the biopharmaceutical company's stock, valued at approximately $673,000. Dynamic Technology Lab Private Ltd owned 0.06% of Ardelyx as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Two Seas Capital LP raised its position in Ardelyx by 14.3% in the first quarter. Two Seas Capital LP now owns 2,120,337 shares of the biopharmaceutical company's stock valued at $10,411,000 after purchasing an additional 265,000 shares during the period. Parkman Healthcare Partners LLC grew its stake in shares of Ardelyx by 17.9% in the first quarter. Parkman Healthcare Partners LLC now owns 209,581 shares of the biopharmaceutical company's stock valued at $1,029,000 after buying an additional 31,787 shares in the last quarter. Millennium Management LLC grew its stake in shares of Ardelyx by 118.2% in the first quarter. Millennium Management LLC now owns 6,465,262 shares of the biopharmaceutical company's stock valued at $31,744,000 after buying an additional 3,501,782 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Ardelyx by 2.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 159,061 shares of the biopharmaceutical company's stock valued at $781,000 after buying an additional 4,436 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Ardelyx by 188.5% in the first quarter. AQR Capital Management LLC now owns 1,573,063 shares of the biopharmaceutical company's stock valued at $7,724,000 after buying an additional 1,027,814 shares in the last quarter. Hedge funds and other institutional investors own 58.92% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on ARDX shares. Wedbush reaffirmed an "outperform" rating and issued a $14.00 price objective (up from $13.00) on shares of Ardelyx in a research note on Tuesday, August 5th. Raymond James Financial started coverage on Ardelyx in a research note on Wednesday, September 3rd. They issued a "strong-buy" rating and a $14.00 price objective for the company. Wall Street Zen raised Ardelyx from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. HC Wainwright started coverage on Ardelyx in a research note on Wednesday, June 18th. They issued a "buy" rating and a $10.00 price objective for the company. Finally, Piper Sandler lifted their price objective on Ardelyx from $8.00 to $9.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. 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 data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $11.70.

Insider Buying and Selling at Ardelyx

In other news, insider Eric Duane Foster sold 15,308 shares of the company's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $5.93, for a total transaction of $90,776.44. Following the completion of the transaction, the insider directly owned 301,498 shares of the company's stock, valued at approximately $1,787,883.14. This represents a 4.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Justin A. Renz sold 7,037 shares of the company's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $5.93, for a total value of $41,729.41. Following the transaction, the chief financial officer directly owned 409,052 shares of the company's stock, valued at approximately $2,425,678.36. This represents a 1.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 165,551 shares of company stock worth $996,917. Corporate insiders own 4.80% of the company's stock.

Ardelyx Stock Down 0.7%

ARDX traded down $0.05 on Monday, hitting $6.56. 784,653 shares of the company were exchanged, compared to its average volume of 4,609,781. Ardelyx, Inc. has a twelve month low of $3.21 and a twelve month high of $7.18. The company has a market cap of $1.58 billion, a price-to-earnings ratio of -28.50 and a beta of 0.73. The company has a current ratio of 4.30, a quick ratio of 4.03 and a debt-to-equity ratio of 1.44. The firm has a 50-day moving average price of $5.37 and a two-hundred day moving average price of $4.75.

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

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.