World Equity Group Inc. Buys 2,453 Shares of Ardelyx, Inc. (NASDAQ:ARDX)

World Equity Group Inc. boosted its position in shares of Ardelyx, Inc. (NASDAQ:ARDX) by 15.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,402 shares of the biopharmaceutical company’s stock after buying an additional 2,453 shares during the period. World Equity Group Inc.’s holdings in Ardelyx were worth $136,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Raymond James & Associates bought a new position in shares of Ardelyx in the fourth quarter worth about $98,000. Raymond James Financial Services Advisors Inc. lifted its stake in Ardelyx by 59.0% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 91,302 shares of the biopharmaceutical company’s stock valued at $566,000 after purchasing an additional 33,877 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Ardelyx by 8.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 152,389 shares of the biopharmaceutical company’s stock valued at $945,000 after buying an additional 12,208 shares in the last quarter. Vontobel Holding Ltd. bought a new stake in shares of Ardelyx during the fourth quarter worth $74,000. Finally, Mackenzie Financial Corp grew its stake in shares of Ardelyx by 5.6% during the fourth quarter. Mackenzie Financial Corp now owns 30,269 shares of the biopharmaceutical company’s stock worth $188,000 after buying an additional 1,608 shares during the last quarter. 58.92% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider David P. Rosenbaum sold 17,872 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $7.00, for a total value of $125,104.00. Following the transaction, the insider now directly owns 158,502 shares of the company’s stock, valued at approximately $1,109,514. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider David P. Rosenbaum sold 17,872 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $7.00, for a total transaction of $125,104.00. Following the transaction, the insider now owns 158,502 shares in the company, valued at approximately $1,109,514. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Laura A. Williams sold 145,000 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $7.12, for a total transaction of $1,032,400.00. Following the transaction, the insider now directly owns 322,152 shares in the company, valued at $2,293,722.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 284,411 shares of company stock worth $1,903,349. Company insiders own 5.50% of the company’s stock.

Ardelyx Trading Down 0.5 %

NASDAQ:ARDX traded down $0.03 on Friday, reaching $5.85. 2,698,280 shares of the stock traded hands, compared to its average volume of 5,492,792. The company has a current ratio of 4.53, a quick ratio of 4.36 and a debt-to-equity ratio of 0.66. Ardelyx, Inc. has a 1-year low of $3.16 and a 1-year high of $10.13. The company’s 50 day moving average is $5.91 and its 200-day moving average is $7.20. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of -20.89 and a beta of 0.83.

Ardelyx (NASDAQ:ARDX) last posted its quarterly earnings data on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.04. The company had revenue of $73.20 million during the quarter, compared to analysts’ expectations of $55.03 million. Ardelyx had a negative net margin of 31.02% and a negative return on equity of 38.41%. Ardelyx’s revenue for the quarter was up 228.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.08) earnings per share. Equities research analysts anticipate that Ardelyx, Inc. will post -0.34 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ARDX has been the topic of several recent research reports. Piper Sandler downgraded Ardelyx from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $15.00 to $7.00 in a report on Tuesday, July 2nd. HC Wainwright lifted their price target on Ardelyx from $10.00 to $11.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Wedbush reaffirmed an “outperform” rating and issued a $11.00 price objective on shares of Ardelyx in a research note on Friday, August 2nd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Ardelyx in a research report on Thursday, June 20th. Finally, Citigroup upped their price target on shares of Ardelyx from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Ardelyx currently has an average rating of “Moderate Buy” and an average price target of $11.43.

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.