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

Two Seas Capital LP bought a new position in shares of Ardelyx, Inc. (NASDAQ:ARDX - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 1,855,337 shares of the biopharmaceutical company's stock, valued at approximately $9,407,000. Ardelyx comprises about 0.8% of Two Seas Capital LP's portfolio, making the stock its 17th biggest holding. Two Seas Capital LP owned about 0.78% of Ardelyx as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. bought a new position in shares of Ardelyx in the fourth quarter valued at about $35,000. SBI Securities Co. Ltd. acquired a new position in Ardelyx in the 4th quarter valued at about $41,000. Covestor Ltd raised its holdings in Ardelyx by 287.0% in the 4th 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 during the period. Sheets Smith Investment Management acquired a new stake in Ardelyx during the fourth quarter worth approximately $58,000. Finally, KBC Group NV lifted its position in Ardelyx by 101.8% during the fourth quarter. KBC Group NV now owns 13,706 shares of the biopharmaceutical company's stock worth $69,000 after acquiring an additional 6,915 shares during the last quarter. Institutional investors own 58.92% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. LADENBURG THALM/SH SH reiterated a "buy" rating and set a $11.00 target price on shares of Ardelyx in a research note on Friday, March 7th. BTIG Research began coverage on Ardelyx in a report on Tuesday, March 4th. They set a "buy" rating and a $14.00 target price for the company. Scotiabank assumed coverage on shares of Ardelyx in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $15.00 price target on the stock. Piper Sandler upgraded shares of Ardelyx to a "hold" rating in a research note on Wednesday, March 12th. Finally, Cantor Fitzgerald raised shares of Ardelyx to a "strong-buy" rating in a report on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Ardelyx presently has an average rating of "Moderate Buy" and an average target price of $10.61.

Ardelyx Price Performance

ARDX traded up $0.03 during trading on Wednesday, hitting $5.48. 1,482,245 shares of the stock traded hands, compared to its average volume of 4,368,437. The business has a 50 day moving average price of $5.01 and a 200 day moving average price of $5.27. The company has a debt-to-equity ratio of 0.87, a current ratio of 4.58 and a quick ratio of 4.31. Ardelyx, Inc. has a twelve month low of $4.02 and a twelve month high of $9.33. The company has a market cap of $1.31 billion, a price-to-earnings ratio of -34.25 and a beta of 0.81.

Ardelyx (NASDAQ:ARDX - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The biopharmaceutical company reported $0.02 EPS for the quarter, hitting analysts' consensus estimates of $0.02. The company had revenue of $116.13 million during the quarter, compared to analysts' expectations of $111.16 million. Ardelyx had a negative return on equity of 24.87% and a negative net margin of 11.73%. Equities research analysts forecast that Ardelyx, Inc. will post -0.18 earnings per share for the current fiscal year.

Insider Activity

In other Ardelyx news, Director David M. Mott purchased 77,729 shares of the company's stock in a transaction on Monday, February 24th. The shares were purchased at an average cost of $5.00 per share, with a total value of $388,645.00. Following the completion of the purchase, the director now owns 2,015,494 shares in the company, valued at $10,077,470. This represents a 4.01 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Raab sold 41,666 shares of the firm's stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $5.36, for a total transaction of $223,329.76. Following the sale, the chief executive officer now directly owns 1,108,719 shares of the company's stock, valued at approximately $5,942,733.84. This trade represents a 3.62 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 158,076 shares of company stock worth $823,804. Corporate insiders own 5.90% of the company's stock.

Ardelyx Company 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.