Renaissance Technologies LLC lessened its stake in shares of Ardelyx, Inc. (NASDAQ:ARDX - Free Report) by 29.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,272,441 shares of the biopharmaceutical company's stock after selling 522,352 shares during the period. Renaissance Technologies LLC owned 0.52% of Ardelyx worth $7,622,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of ARDX. Knott David M Jr bought a new stake in Ardelyx in the first quarter valued at $1,240,000. Sei Investments Co. grew its stake in shares of Ardelyx by 36.6% in the 1st quarter. Sei Investments Co. now owns 134,413 shares of the biopharmaceutical company's stock valued at $805,000 after buying an additional 35,989 shares during the period. State of Wyoming grew its stake in shares of Ardelyx by 143.1% in the 1st quarter. State of Wyoming now owns 30,870 shares of the biopharmaceutical company's stock valued at $185,000 after buying an additional 18,169 shares during the period. First Trust Advisors LP increased its position in Ardelyx by 44.6% in the 1st quarter. First Trust Advisors LP now owns 1,498,798 shares of the biopharmaceutical company's stock valued at $8,978,000 after buying an additional 462,306 shares in the last quarter. Finally, Swiss National Bank raised its stake in Ardelyx by 1.2% during the 1st quarter. Swiss National Bank now owns 480,800 shares of the biopharmaceutical company's stock worth $2,880,000 after buying an additional 5,600 shares during the period. 58.92% of the stock is currently owned by institutional investors and hedge funds.
Ardelyx Stock Performance
Shares of Ardelyx stock opened at $4.98 on Tuesday. The business's fifty day simple moving average is $5.49 and its 200 day simple moving average is $6.13. The firm has a market capitalization of $1.23 billion, a P/E ratio of -21.65 and a beta of 0.70. Ardelyx, Inc. has a 12 month low of $4.24 and a 12 month high of $8.40. The company has a current ratio of 3.49, a quick ratio of 3.28 and a debt-to-equity ratio of 1.37.
Insider Activity at Ardelyx
In other news, insider Eric Duane Foster sold 7,998 shares of the company's stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $6.27, for a total transaction of $50,147.46. Following the transaction, the insider owned 417,972 shares of the company's stock, valued at $2,620,684.44. This represents a 1.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mike Kelliher sold 7,248 shares of the business'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 $45,444.96. Following the sale, the insider owned 357,418 shares in the company, valued at approximately $2,241,010.86. The trade was a 1.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 24,572 shares of company stock worth $154,066. 5.30% of the stock is owned by company insiders.
Analysts Set New Price Targets
ARDX has been the topic of several recent research reports. Weiss Ratings lowered Ardelyx from a "sell (d-)" rating to a "sell (e+)" rating in a report on Monday, June 29th. LADENBURG THALM/SH SH initiated coverage on Ardelyx in a research report on Tuesday, June 16th. They set a "buy" rating and a $16.00 target price on the stock. Finally, Zacks Research cut Ardelyx from a "hold" rating to a "strong sell" rating in a report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $15.73.
Read Our Latest Stock Analysis on Ardelyx
About Ardelyx
(
Free Report)
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.
Further Reading
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