Knott David M Jr Makes New $1.24 Million Investment in Ardelyx, Inc. $ARDX

Key Points

• Knott David M Jr opened a new position in Ardelyx, buying 207,000 shares worth about $1.24 million in the first quarter. The stake represents about 0.7% of his holdings and 0.08% of Ardelyx.
• Ardelyx reported quarterly earnings of -$0.15 per share, missing estimates, while revenue came in at $94.47 million, above expectations and up 27.5% year over year. The company remains unprofitable, with negative net margin and return on equity.
• Analysts remain generally upbeat despite some mixed signals: the stock currently has a Moderate Buy consensus and a $15.73 average price target. Recent insider selling by two executives also totaled 24,572 shares over the last 90 days.

Knott David M Jr bought a new position in shares of Ardelyx, Inc. (NASDAQ:ARDX - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 207,000 shares of the biopharmaceutical company's stock, valued at approximately $1,240,000. Ardelyx accounts for approximately 0.7% of Knott David M Jr's holdings, making the stock its 28th biggest position. Knott David M Jr owned approximately 0.08% of Ardelyx as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Ardelyx by 3.3% during the fourth quarter. Vanguard Group Inc. now owns 18,979,483 shares of the biopharmaceutical company's stock valued at $110,650,000 after purchasing an additional 610,162 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Ardelyx by 5.0% during the 4th quarter. Janus Henderson Group PLC now owns 14,514,692 shares of the biopharmaceutical company's stock worth $84,583,000 after purchasing an additional 690,599 shares during the last quarter. State Street Corp lifted 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 in the last quarter. Geode Capital Management LLC lifted its stake 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 buying an additional 70,832 shares in the last quarter. Finally, Bank of America Corp DE boosted 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 worth $21,670,000 after buying an additional 2,600,080 shares during the last quarter. Hedge funds and other institutional investors own 58.92% of the company's stock.

Ardelyx Stock Performance

NASDAQ:ARDX opened at $5.13 on Friday. The company's 50-day moving average price is $5.65 and its 200-day moving average price is $6.21. The company has a current ratio of 3.49, a quick ratio of 3.28 and a debt-to-equity ratio of 1.37. The company has a market cap of $1.27 billion, a P/E ratio of -22.30 and a beta of 0.61. Ardelyx, Inc. has a twelve month low of $4.07 and a twelve month high of $8.40.

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

Insider Activity at Ardelyx

In related news, insider Mike Kelliher sold 7,248 shares of Ardelyx stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $6.27, for a total transaction of $45,444.96. Following the transaction, the insider owned 357,418 shares in the company, valued at approximately $2,241,010.86. This trade represents a 1.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Eric Duane Foster sold 7,998 shares of the company's stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $6.27, for a total value of $50,147.46. Following the completion of the sale, the insider owned 417,972 shares of the company's stock, valued at approximately $2,620,684.44. The trade was a 1.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 24,572 shares of company stock worth $154,066. Insiders own 5.30% of the company's stock.

Wall Street Analyst Weigh In

ARDX has been the subject of several research reports. Weiss Ratings lowered Ardelyx from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Monday, June 29th. LADENBURG THALM/SH SH initiated coverage on Ardelyx in a research note on Tuesday, June 16th. They issued a "buy" rating and a $16.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Ardelyx presently has an average rating of "Moderate Buy" and a consensus price target of $15.73.

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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