Ieq Capital LLC Purchases New Stake in Ardelyx, Inc. $ARDX

Key Points

• Ieq Capital LLC acquired 214,097 shares of Ardelyx, Inc. for approximately $1,051,000 in the first quarter, marking a new investment in the biopharmaceutical company.
• Ardelyx's stock received several upgrades from analysts, with price targets ranging from $9.00 to $14.00, reflecting positive sentiment and a consensus rating of "Buy."
• The company reported a revenue of $97.66 million in its latest quarter, outperforming analysts' expectations and indicating a year-over-year increase of 23.0%.

Ieq Capital LLC purchased a new stake in Ardelyx, Inc. (NASDAQ:ARDX - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 214,097 shares of the biopharmaceutical company's stock, valued at approximately $1,051,000. Ieq Capital LLC owned about 0.09% of Ardelyx as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. FORA Capital LLC acquired a new position in shares of Ardelyx in the 1st quarter valued at $235,000. Walleye Capital LLC acquired a new position in shares of Ardelyx in the 1st quarter valued at $709,000. Northern Trust Corp lifted its stake in shares of Ardelyx by 1.0% in the 1st quarter. Northern Trust Corp now owns 2,172,819 shares of the biopharmaceutical company's stock valued at $10,669,000 after purchasing an additional 21,845 shares during the last quarter. Fox Run Management L.L.C. raised its holdings in shares of Ardelyx by 64.7% in the 1st quarter. Fox Run Management L.L.C. now owns 68,390 shares of the biopharmaceutical company's stock valued at $336,000 after buying an additional 26,859 shares during the period. Finally, Russell Investments Group Ltd. raised its holdings in shares of Ardelyx by 517.3% in the 1st quarter. Russell Investments Group Ltd. now owns 66,472 shares of the biopharmaceutical company's stock valued at $326,000 after buying an additional 55,704 shares during the period. Institutional investors and hedge funds own 58.92% of the company's stock.

Ardelyx Stock Down 0.8%

Shares of ARDX traded down $0.05 during mid-day trading on Friday, reaching $6.52. The company's stock had a trading volume of 3,006,810 shares, compared to its average volume of 3,391,812. Ardelyx, Inc. has a 12-month low of $3.21 and a 12-month high of $7.18. The stock has a market cap of $1.57 billion, a PE ratio of -28.35 and a beta of 0.74. The company has a debt-to-equity ratio of 1.44, a current ratio of 4.30 and a quick ratio of 4.03. The company's 50 day moving average is $5.12 and its 200 day moving average is $4.70.

Ardelyx (NASDAQ:ARDX - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The biopharmaceutical company reported ($0.08) EPS for the quarter, beating analysts' consensus estimates of ($0.13) by $0.05. The business had revenue of $97.66 million for the quarter, compared to the consensus estimate of $82.69 million. Ardelyx had a negative return on equity of 36.57% and a negative net margin of 14.60%.The business's revenue for the quarter was up 23.0% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.07) EPS. Equities analysts anticipate that Ardelyx, Inc. will post -0.18 EPS for the current fiscal year.

Insider Activity

In related news, CEO Michael Raab sold 45,687 shares of the firm's stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $5.93, for a total transaction of $270,923.91. Following the transaction, the chief executive officer owned 1,502,250 shares in the company, valued at $8,908,342.50. This trade represents a 2.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Justin A. Renz sold 7,037 shares of the firm's stock in a transaction that occurred on 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 owned 409,052 shares in the company, valued at $2,425,678.36. This represents a 1.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 165,551 shares of company stock worth $996,917 over the last ninety days. 4.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. UBS Group set a $12.00 price objective on Ardelyx in a report on Tuesday, August 5th. Raymond James Financial assumed coverage on Ardelyx in a report on Wednesday. They issued a "strong-buy" rating and a $14.00 price objective on the stock. Wedbush reiterated an "outperform" rating and issued a $14.00 price objective (up previously from $13.00) on shares of Ardelyx in a report on Tuesday, August 5th. Wall Street Zen upgraded Ardelyx from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, HC Wainwright started coverage on Ardelyx in a report on Wednesday, June 18th. They set a "buy" rating and a $10.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $11.70.

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.