Two Seas Capital LP Takes $9.41 Million Position in Ardelyx, Inc. (NASDAQ:ARDX)

Two Seas Capital LP acquired a new position in shares of Ardelyx, Inc. (NASDAQ:ARDX - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 1,855,337 shares of the biopharmaceutical company's stock, valued at approximately $9,407,000. Ardelyx accounts for 0.7% of Two Seas Capital LP's portfolio, making the stock its 16th largest position. Two Seas Capital LP owned about 0.78% of Ardelyx as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. acquired a new stake in shares of Ardelyx in the fourth quarter valued at approximately $35,000. SBI Securities Co. Ltd. acquired a new stake in Ardelyx in the 4th quarter valued at $41,000. Quarry LP acquired a new stake in Ardelyx in the 4th quarter valued at $51,000. Rehmann Capital Advisory Group bought a new stake in Ardelyx during the 4th quarter worth about $51,000. Finally, Covestor Ltd boosted its stake in shares of Ardelyx by 287.0% during the 4th quarter. Covestor Ltd now owns 11,315 shares of the biopharmaceutical company's stock worth $57,000 after buying an additional 8,391 shares during the last quarter. 58.92% of the stock is owned by institutional investors.

Ardelyx Stock Performance

Ardelyx stock traded up $0.01 during mid-day trading on Monday, hitting $3.97. 2,574,219 shares of the company's stock traded hands, compared to its average volume of 4,455,239. The company has a debt-to-equity ratio of 0.87, a current ratio of 4.58 and a quick ratio of 4.31. The firm has a 50 day simple moving average of $4.53 and a two-hundred day simple moving average of $5.02. Ardelyx, Inc. has a fifty-two week low of $3.21 and a fifty-two week high of $8.06. The stock has a market cap of $949.84 million, a price-to-earnings ratio of -24.81 and a beta of 0.76.

Ardelyx (NASDAQ:ARDX - Get Free Report) last posted its earnings results on Thursday, May 1st. The biopharmaceutical company reported ($0.17) earnings per share (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 analyst estimates of $79.40 million. During the same quarter in the prior 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, research analysts expect that Ardelyx, Inc. will post -0.18 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Laura A. Williams sold 6,421 shares of the stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $4.08, for a total transaction of $26,197.68. Following the transaction, the insider now owns 402,583 shares in the company, valued at approximately $1,642,538.64. This trade represents a 1.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Raab sold 41,668 shares of the company's 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 transaction, the chief executive officer now directly owns 1,635,138 shares in the company, valued at approximately $8,764,339.68. This represents a 2.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 208,477 shares of company stock worth $932,254 over the last three months. Insiders own 4.80% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on ARDX shares. BTIG Research initiated coverage on Ardelyx in a research report on Tuesday, March 4th. They issued a "buy" rating and a $14.00 target price on the stock. Piper Sandler raised Ardelyx to a "hold" rating in a research report on Wednesday, March 12th. Citigroup dropped their price objective on Ardelyx from $11.00 to $10.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Raymond James downgraded Ardelyx from a "strong-buy" rating to an "outperform" rating and set a $11.00 price objective for the company. in a report on Friday, May 2nd. Finally, Wall Street Zen downgraded shares of Ardelyx from a "hold" rating to a "sell" rating in a report on Monday, May 5th. One research analyst has rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $10.39.

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.