Millennium Management LLC Cuts Stock Position in Ardelyx, Inc. (NASDAQ:ARDX)

Millennium Management LLC decreased its position in Ardelyx, Inc. (NASDAQ:ARDX - Free Report) by 26.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,963,480 shares of the biopharmaceutical company's stock after selling 1,048,400 shares during the quarter. Millennium Management LLC owned 1.25% of Ardelyx worth $15,025,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of ARDX. Barclays PLC increased its position in shares of Ardelyx by 24.9% during the 3rd quarter. Barclays PLC now owns 547,325 shares of the biopharmaceutical company's stock valued at $3,770,000 after purchasing an additional 109,285 shares during the last quarter. SG Americas Securities LLC increased its position in shares of Ardelyx by 41.8% during the 4th quarter. SG Americas Securities LLC now owns 54,886 shares of the biopharmaceutical company's stock valued at $278,000 after purchasing an additional 16,182 shares during the last quarter. Inspire Investing LLC increased its position in shares of Ardelyx by 32.8% during the 4th quarter. Inspire Investing LLC now owns 79,423 shares of the biopharmaceutical company's stock valued at $403,000 after purchasing an additional 19,630 shares during the last quarter. KBC Group NV increased its position in shares of Ardelyx by 101.8% during the 4th quarter. KBC Group NV now owns 13,706 shares of the biopharmaceutical company's stock valued at $69,000 after purchasing an additional 6,915 shares during the last quarter. Finally, Heck Capital Advisors LLC purchased a new stake in shares of Ardelyx in the fourth quarter worth approximately $121,000. Institutional investors own 58.92% of the company's stock.

Ardelyx Price Performance

ARDX traded up $0.03 during trading on Wednesday, hitting $4.00. The company's stock had a trading volume of 394,343 shares, compared to its average volume of 4,432,784. The company has a current ratio of 4.58, a quick ratio of 4.31 and a debt-to-equity ratio of 0.87. Ardelyx, Inc. has a twelve month low of $3.21 and a twelve month high of $8.06. The business's fifty day simple moving average is $4.47 and its 200 day simple moving average is $5.00. The firm has a market capitalization of $955.82 million, a price-to-earnings ratio of -25.03 and a beta of 0.76.

Ardelyx (NASDAQ:ARDX - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The biopharmaceutical company reported ($0.17) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.07). Ardelyx had a negative return on equity of 24.87% and a negative net margin of 11.73%. The company had revenue of $74.11 million for the quarter, compared to analysts' expectations of $79.40 million. During the same quarter in the previous year, the business posted ($0.11) EPS. The business's quarterly revenue was up 61.1% compared to the same quarter last year. On average, equities research analysts forecast that Ardelyx, Inc. will post -0.18 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ARDX has been the topic of several research analyst reports. Wall Street Zen downgraded Ardelyx from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. LADENBURG THALM/SH SH restated a "buy" rating and set a $11.00 price objective on shares of Ardelyx in a research note on Friday, March 7th. Citigroup decreased their price objective on Ardelyx from $11.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Cantor Fitzgerald upgraded Ardelyx to a "strong-buy" rating in a research note on Tuesday, March 4th. Finally, BTIG Research initiated coverage on Ardelyx in a research note on Tuesday, March 4th. They set a "buy" rating and a $14.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $10.39.

Insider Buying and Selling at Ardelyx

In other Ardelyx news, insider Laura A. Williams sold 6,421 shares of Ardelyx stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $4.08, for a total value of $26,197.68. Following the sale, the insider now owns 402,583 shares in the company, valued at $1,642,538.64. The trade was a 1.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Raab sold 41,668 shares of Ardelyx stock in a transaction on Friday, March 7th. The shares were sold at an average price of $5.36, for a total value of $223,340.48. Following the completion of the sale, the chief executive officer now owns 1,635,138 shares in the company, valued at $8,764,339.68. This represents a 2.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 208,477 shares of company stock worth $932,254 over the last quarter. 4.80% of the stock is currently owned by company insiders.

About Ardelyx

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.