Point72 Asset Management L.P. Purchases New Position in Ardelyx, Inc. (NASDAQ:ARDX)

Point72 Asset Management L.P. purchased a new stake in Ardelyx, Inc. (NASDAQ:ARDX - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,333,810 shares of the biopharmaceutical company's stock, valued at approximately $6,762,000. Point72 Asset Management L.P. owned about 0.56% of Ardelyx as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Ensign Peak Advisors Inc grew its stake in Ardelyx by 3.1% in the 4th quarter. Ensign Peak Advisors Inc now owns 73,950 shares of the biopharmaceutical company's stock valued at $375,000 after buying an additional 2,200 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Ardelyx by 2.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 154,625 shares of the biopharmaceutical company's stock valued at $788,000 after buying an additional 3,550 shares during the last quarter. Swiss National Bank grew its position in shares of Ardelyx by 1.0% during the 4th quarter. Swiss National Bank now owns 463,100 shares of the biopharmaceutical company's stock worth $2,348,000 after purchasing an additional 4,800 shares in the last quarter. Orion Portfolio Solutions LLC grew its position in shares of Ardelyx by 42.7% during the 4th quarter. Orion Portfolio Solutions LLC now owns 16,486 shares of the biopharmaceutical company's stock worth $84,000 after purchasing an additional 4,933 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its position in shares of Ardelyx by 10.9% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 50,222 shares of the biopharmaceutical company's stock worth $255,000 after purchasing an additional 4,942 shares in the last quarter. Institutional investors and hedge funds own 58.92% of the company's stock.

Insider Activity

In other news, insider Laura A. Williams sold 4,941 shares of Ardelyx stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $5.62, for a total transaction of $27,768.42. Following the completion of the transaction, the insider now directly owns 303,804 shares in the company, valued at $1,707,378.48. This trade represents a 1.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael Raab sold 22,964 shares of the business's stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $5.62, for a total transaction of $129,057.68. Following the transaction, the chief executive officer now owns 1,085,755 shares in the company, valued at approximately $6,101,943.10. This trade represents a 2.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders acquired 559,106 shares of company stock worth $2,327,056 and sold 158,076 shares worth $777,555. Corporate insiders own 4.80% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on ARDX shares. Scotiabank started coverage on shares of Ardelyx in a research report on Friday, March 7th. They set a "sector outperform" rating and a $15.00 target price on the stock. BTIG Research started coverage on shares of Ardelyx in a research report on Tuesday, March 4th. They set a "buy" rating and a $14.00 target price on the stock. LADENBURG THALM/SH SH restated a "buy" rating and set a $11.00 target price on shares of Ardelyx in a research report on Friday, March 7th. StockNews.com lowered shares of Ardelyx from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Finally, Citigroup cut their price target on shares of Ardelyx from $11.00 to $10.00 and set a "buy" rating for the company in a report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Ardelyx has a consensus rating of "Moderate Buy" and a consensus price target of $10.39.

Ardelyx Trading Up 4.6%

ARDX opened at $4.06 on Tuesday. Ardelyx, Inc. has a 1-year low of $3.21 and a 1-year high of $8.06. The company has a current ratio of 4.58, a quick ratio of 4.31 and a debt-to-equity ratio of 0.87. The company has a market cap of $971.38 million, a P/E ratio of -25.38 and a beta of 0.76. The company has a fifty day moving average price of $4.64 and a two-hundred day moving average price of $5.07.

Ardelyx (NASDAQ:ARDX - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The biopharmaceutical company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.07). The company had revenue of $74.11 million during the quarter, compared to the consensus estimate of $79.40 million. Ardelyx had a negative net margin of 11.73% and a negative return on equity of 24.87%. The company's revenue for the quarter was up 61.1% on a year-over-year basis. During the same period last year, the firm posted ($0.11) earnings per share. Analysts predict that Ardelyx, Inc. will post -0.18 EPS for the current fiscal year.

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.

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