Voloridge Investment Management LLC Has $4.54 Million Stock Holdings in Ardelyx, Inc. (NASDAQ:ARDX)

Voloridge Investment Management LLC increased its position in shares of Ardelyx, Inc. (NASDAQ:ARDX - Free Report) by 24.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 895,748 shares of the biopharmaceutical company's stock after buying an additional 176,864 shares during the period. Voloridge Investment Management LLC owned about 0.38% of Ardelyx worth $4,541,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Newbridge Financial Services Group Inc. acquired a new stake in Ardelyx in the fourth quarter worth about $35,000. SBI Securities Co. Ltd. purchased a new position in shares of Ardelyx in the fourth quarter worth about $41,000. Quarry LP purchased a new position in shares of Ardelyx in the fourth quarter worth about $51,000. Rehmann Capital Advisory Group purchased a new position in Ardelyx during the fourth quarter valued at approximately $51,000. Finally, Covestor Ltd raised its position in Ardelyx by 287.0% during the fourth quarter. Covestor Ltd now owns 11,315 shares of the biopharmaceutical company's stock valued at $57,000 after acquiring an additional 8,391 shares in the last quarter. Hedge funds and other institutional investors own 58.92% of the company's stock.

Ardelyx Stock Performance

Ardelyx stock traded down $0.31 during mid-day trading on Friday, reaching $3.72. 5,878,710 shares of the company were exchanged, compared to its average volume of 4,453,828. Ardelyx, Inc. has a twelve month low of $3.21 and a twelve month high of $8.06. The firm's 50-day simple moving average is $4.39 and its two-hundred day simple moving average is $4.99. The company has a debt-to-equity ratio of 0.87, a quick ratio of 4.31 and a current ratio of 4.58. The firm has a market cap of $890.03 million, a PE ratio of -23.25 and a beta of 0.76.

Ardelyx (NASDAQ:ARDX - Get Free Report) last issued its quarterly 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 business had revenue of $74.11 million during the quarter, compared to analyst estimates of $79.40 million. During the same period in the previous year, the business posted ($0.11) earnings per share. The firm's quarterly revenue was up 61.1% on a year-over-year basis. Equities analysts predict that Ardelyx, Inc. will post -0.18 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ARDX. BTIG Research started coverage on Ardelyx in a research report on Tuesday, March 4th. They set a "buy" rating and a $14.00 price target for the company. Piper Sandler raised Ardelyx to a "hold" rating in a research note on Wednesday, March 12th. HC Wainwright reissued a "neutral" rating and set a $5.50 price objective on shares of Ardelyx in a research note on Friday, February 21st. Citigroup lowered 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. Finally, Cantor Fitzgerald raised Ardelyx to a "strong-buy" rating in a research note on Tuesday, March 4th. 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 assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $10.39.

Insiders Place Their Bets

In other Ardelyx news, Director David M. Mott purchased 381,377 shares of the firm's stock in a transaction on Friday, May 2nd. The shares were purchased at an average cost of $4.22 per share, with a total value of $1,609,410.94. Following the purchase, the director now owns 2,396,871 shares in the company, valued at approximately $10,114,795.62. This represents a 18.92% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Justin A. Renz sold 7,218 shares of the firm's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $4.08, for a total value of $29,449.44. Following the completion of the transaction, the chief financial officer now owns 416,089 shares in the company, valued at approximately $1,697,643.12. This trade represents a 1.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 208,477 shares of company stock valued at $932,254. Insiders own 4.80% of the company's stock.

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.