Redwood Wealth Management Group LLC Takes $62,000 Position in Ardelyx, Inc. (NASDAQ:ARDX)

Redwood Wealth Management Group LLC acquired a new position in Ardelyx, Inc. (NASDAQ:ARDX) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 8,350 shares of the biopharmaceutical company’s stock, valued at approximately $62,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Ausdal Financial Partners Inc. lifted its stake in Ardelyx by 89.1% during the second quarter. Ausdal Financial Partners Inc. now owns 28,770 shares of the biopharmaceutical company’s stock worth $213,000 after purchasing an additional 13,557 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in Ardelyx during the 2nd quarter worth about $832,000. Principal Financial Group Inc. boosted its holdings in Ardelyx by 283.9% during the 2nd quarter. Principal Financial Group Inc. now owns 471,453 shares of the biopharmaceutical company’s stock valued at $3,493,000 after acquiring an additional 348,642 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Ardelyx by 34.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 63,176 shares of the biopharmaceutical company’s stock valued at $468,000 after acquiring an additional 16,198 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in Ardelyx by 1,026.3% during the second quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock worth $26,000 after purchasing an additional 3,233 shares during the period. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Insider Activity at Ardelyx

In other Ardelyx news, insider Robert Blanks sold 38,000 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $5.96, for a total transaction of $226,480.00. Following the sale, the insider now owns 324,331 shares of the company’s stock, valued at $1,933,012.76. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Michael Raab sold 35,000 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $5.61, for a total value of $196,350.00. Following the completion of the sale, the chief executive officer now directly owns 1,220,608 shares of the company’s stock, valued at approximately $6,847,610.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert Blanks sold 38,000 shares of the stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $5.96, for a total value of $226,480.00. Following the completion of the sale, the insider now directly owns 324,331 shares of the company’s stock, valued at $1,933,012.76. The disclosure for this sale can be found here. Insiders sold 199,560 shares of company stock valued at $1,167,370 over the last three months. 5.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ARDX. StockNews.com upgraded shares of Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Piper Sandler downgraded shares of Ardelyx from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $15.00 to $7.00 in a research note on Tuesday, July 2nd. Wedbush reiterated an “outperform” rating and issued a $11.00 price objective on shares of Ardelyx in a research note on Friday, August 2nd. Cantor Fitzgerald reissued an “overweight” rating on shares of Ardelyx in a research note on Thursday, June 20th. Finally, HC Wainwright upped their price target on Ardelyx from $10.00 to $11.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Ardelyx has an average rating of “Moderate Buy” and an average target price of $11.67.

Ardelyx Stock Performance

Shares of ARDX stock opened at $6.31 on Monday. The company has a market cap of $1.49 billion, a P/E ratio of -22.54 and a beta of 0.90. The firm has a fifty day moving average price of $5.84 and a 200 day moving average price of $6.75. The company has a current ratio of 4.21, a quick ratio of 3.99 and a debt-to-equity ratio of 0.68. Ardelyx, Inc. has a 12 month low of $3.16 and a 12 month high of $10.13.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings data on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.04. Ardelyx had a negative return on equity of 39.73% and a negative net margin of 31.02%. The business had revenue of $73.20 million during the quarter, compared to analysts’ expectations of $55.03 million. During the same period in the prior year, the firm posted ($0.08) EPS. The business’s quarterly revenue was up 228.3% compared to the same quarter last year. Sell-side analysts predict that Ardelyx, Inc. will post -0.26 earnings per share for the current fiscal year.

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.