Point72 Asset Management L.P. Buys Shares of 1,333,810 Ardelyx, Inc. (NASDAQ:ARDX)

Point72 Asset Management L.P. purchased a new position in shares of Ardelyx, Inc. (NASDAQ:ARDX - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & 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 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. acquired a new stake in Ardelyx during the fourth quarter worth about $35,000. SBI Securities Co. Ltd. acquired a new stake in shares of Ardelyx in the fourth quarter valued at about $41,000. Quarry LP acquired a new stake in shares of Ardelyx in the fourth quarter valued at about $51,000. Rehmann Capital Advisory Group acquired a new stake in shares of Ardelyx in the fourth quarter valued at about $51,000. Finally, Covestor Ltd grew its stake in shares of Ardelyx by 287.0% in the fourth quarter. Covestor Ltd now owns 11,315 shares of the biopharmaceutical company's stock valued at $57,000 after buying an additional 8,391 shares in the last quarter. 58.92% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ARDX. HC Wainwright reiterated a "neutral" rating and issued a $5.50 target price on shares of Ardelyx in a research note on Friday, February 21st. Cantor Fitzgerald upgraded Ardelyx to a "strong-buy" rating in a research note on Tuesday, March 4th. Piper Sandler upgraded Ardelyx to a "hold" rating in a research note on Wednesday, March 12th. Raymond James lowered Ardelyx from a "strong-buy" rating to an "outperform" rating and set a $11.00 price objective for the company. in a research note on Friday, May 2nd. Finally, 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. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Ardelyx has an average rating of "Moderate Buy" and a consensus price target of $10.39.

Insider Transactions at Ardelyx

In related news, CEO Michael Raab sold 41,668 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $5.36, for a total value of $223,340.48. Following the sale, the chief executive officer now owns 1,635,138 shares of the company's stock, valued at approximately $8,764,339.68. This trade represents a 2.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David M. Mott purchased 100,000 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was bought at an average cost of $3.29 per share, for a total transaction of $329,000.00. Following the acquisition, the director now owns 2,496,871 shares in the company, valued at approximately $8,214,705.59. The trade was a 4.17% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders bought 559,106 shares of company stock worth $2,327,056 and sold 208,477 shares worth $932,254. Insiders own 4.80% of the company's stock.

Ardelyx Stock Performance

Shares of ARDX traded up $0.01 during mid-day trading on Friday, hitting $3.97. The stock had a trading volume of 2,574,219 shares, compared to its average volume of 4,455,239. The company has a market cap of $949.84 million, a PE ratio of -24.81 and a beta of 0.76. The company's fifty day simple moving average is $4.53 and its two-hundred day simple moving average is $5.02. The company has a quick ratio of 4.31, a current ratio of 4.58 and a debt-to-equity ratio of 0.87. Ardelyx, Inc. has a fifty-two week low of $3.21 and a fifty-two week high of $8.06.

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