Eversept Partners LP Has $13.35 Million Holdings in Ardelyx, Inc. $ARDX

Key Points

• Eversept Partners LP increased its Ardelyx stake by 30% in the first quarter, buying 514,317 additional shares and bringing its holdings to 2.23 million shares worth approximately $13.35 million.
• Institutional investors and hedge funds own 58.92% of Ardelyx. Analyst sentiment remains a “Moderate Buy”, with a consensus price target of $15.73, despite recent downgrades from Weiss Ratings and Zacks Research.
• Ardelyx reported quarterly revenue of $94.47 million, up 27.5% year over year, but missed the earnings estimate with a loss of $0.15 per share. ARDX opened at $5.06, within a 52-week range of $4.07 to $8.40.

Eversept Partners LP increased its position in shares of Ardelyx, Inc. (NASDAQ:ARDX - Free Report) by 30.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,229,446 shares of the biopharmaceutical company's stock after purchasing an additional 514,317 shares during the quarter. Eversept Partners LP owned 0.90% of Ardelyx worth $13,354,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of ARDX. First Horizon Corp raised its position in shares of Ardelyx by 120.4% in the 4th quarter. First Horizon Corp now owns 7,906 shares of the biopharmaceutical company's stock valued at $46,000 after buying an additional 4,319 shares in the last quarter. Swiss Life Asset Management Ltd acquired a new stake in shares of Ardelyx during the 3rd quarter worth approximately $57,000. Sumitomo Mitsui Trust Group Inc. bought a new position in Ardelyx in the fourth quarter valued at approximately $60,000. State of Wyoming bought a new position in Ardelyx in the second quarter valued at approximately $61,000. Finally, Osaic Holdings Inc. raised its position in Ardelyx by 28.2% during the second quarter. Osaic Holdings Inc. now owns 16,854 shares of the biopharmaceutical company's stock valued at $66,000 after purchasing an additional 3,709 shares in the last quarter. 58.92% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ARDX. Weiss Ratings cut Ardelyx from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Monday, June 29th. LADENBURG THALM/SH SH assumed coverage on Ardelyx in a report on Tuesday, June 16th. They set a "buy" rating and a $16.00 price target for the company. Finally, Zacks Research cut Ardelyx from a "hold" rating to a "strong sell" rating in a report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $15.73.

Ardelyx Price Performance

ARDX stock opened at $5.06 on Tuesday. The stock has a market cap of $1.25 billion, a price-to-earnings ratio of -22.00 and a beta of 0.61. The company has a debt-to-equity ratio of 1.37, a current ratio of 3.49 and a quick ratio of 3.28. The company has a 50 day simple moving average of $5.61 and a 200 day simple moving average of $6.20. Ardelyx, Inc. has a 1 year low of $4.07 and a 1 year high of $8.40.

Ardelyx (NASDAQ:ARDX - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The biopharmaceutical company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The firm had revenue of $94.47 million for the quarter, compared to the consensus estimate of $92.78 million. Ardelyx had a negative return on equity of 38.11% and a negative net margin of 13.58%.The business's revenue for the quarter was up 27.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.17) earnings per share. Research analysts anticipate that Ardelyx, Inc. will post -0.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Eric Duane Foster sold 7,998 shares of the firm's stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $6.27, for a total value of $50,147.46. Following the completion of the sale, the insider directly owned 417,972 shares in the company, valued at $2,620,684.44. This trade represents a 1.88% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Mike Kelliher sold 7,248 shares of the stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $6.27, for a total value of $45,444.96. Following the completion of the transaction, the insider owned 357,418 shares in the company, valued at approximately $2,241,010.86. The trade was a 1.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 24,572 shares of company stock valued at $154,066 over the last 90 days. Corporate insiders own 5.30% of the company's stock.

About Ardelyx

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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