Hsbc Holdings PLC Purchases New Stake in Ardelyx, Inc. (NASDAQ:ARDX)

Hsbc Holdings PLC acquired a new stake in Ardelyx, Inc. (NASDAQ:ARDX - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 281,764 shares of the biopharmaceutical company's stock, valued at approximately $1,423,000. Hsbc Holdings PLC owned about 0.12% of Ardelyx at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. B. Riley Wealth Advisors Inc. boosted its holdings in shares of Ardelyx by 3.4% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 90,000 shares of the biopharmaceutical company's stock worth $599,000 after purchasing an additional 3,000 shares during the last quarter. Swiss National Bank raised its holdings 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 acquiring an additional 4,800 shares during the period. Orion Portfolio Solutions LLC raised its stake in Ardelyx by 42.7% during the fourth 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 during the period. China Universal Asset Management Co. Ltd. boosted its holdings in Ardelyx by 10.9% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 50,222 shares of the biopharmaceutical company's stock valued at $255,000 after purchasing an additional 4,942 shares during the last quarter. Finally, Rhumbline Advisers grew its stake in shares of Ardelyx by 1.9% in the 4th quarter. Rhumbline Advisers now owns 326,124 shares of the biopharmaceutical company's stock valued at $1,653,000 after buying an additional 6,070 shares during the period. 58.92% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ARDX. Raymond James lowered shares of Ardelyx from a "strong-buy" rating to an "outperform" rating and set a $11.00 price target on the stock. in a research report on Friday, May 2nd. BTIG Research started coverage on Ardelyx in a research note on Tuesday, March 4th. They issued a "buy" rating and a $14.00 price target on the stock. Citigroup lowered their price target on Ardelyx from $11.00 to $10.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Piper Sandler raised shares of Ardelyx to a "hold" rating in a research report on Wednesday, March 12th. Finally, Scotiabank began coverage on shares of Ardelyx in a research report on Friday, March 7th. They set a "sector outperform" rating and a $15.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $10.39.

Insider Buying and Selling at Ardelyx

In other Ardelyx news, insider Laura A. Williams sold 4,941 shares of Ardelyx stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $5.62, for a total value of $27,768.42. Following the transaction, the insider now directly owns 303,804 shares in the company, valued at approximately $1,707,378.48. This trade represents a 1.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Raab sold 22,964 shares of the company's stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $5.62, for a total value of $129,057.68. Following the sale, the chief executive officer now owns 1,085,755 shares of the company's stock, valued at $6,101,943.10. This trade represents a 2.07 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 158,076 shares of company stock worth $777,555. 5.90% of the stock is owned by company insiders.

Ardelyx Stock Performance

NASDAQ ARDX traded down $0.10 during trading hours on Thursday, hitting $3.60. The company had a trading volume of 1,925,692 shares, compared to its average volume of 4,370,129. The business has a 50 day moving average of $4.92 and a 200-day moving average of $5.21. The company has a market cap of $861.32 million, a PE ratio of -22.50 and a beta of 0.76. Ardelyx, Inc. has a 1-year low of $3.51 and a 1-year high of $9.20. The company has a debt-to-equity ratio of 0.87, a quick ratio of 4.31 and a current ratio of 4.58.

Ardelyx (NASDAQ:ARDX - Get Free Report) last released its quarterly 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). Ardelyx had a negative return on equity of 24.87% and a negative net margin of 11.73%. The firm had revenue of $74.11 million for the quarter, compared to analyst estimates of $79.40 million. During the same period last year, the firm earned ($0.11) EPS. The company's quarterly revenue was up 61.1% on a year-over-year basis. As a group, equities research analysts expect that Ardelyx, Inc. will post -0.18 EPS 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.