Los Angeles Capital Management LLC Purchases 299,275 Shares of Ardelyx, Inc. (NASDAQ:ARDX)

Los Angeles Capital Management LLC grew its holdings in Ardelyx, Inc. (NASDAQ:ARDX) by 175.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 469,819 shares of the biopharmaceutical company’s stock after acquiring an additional 299,275 shares during the quarter. Los Angeles Capital Management LLC owned 0.20% of Ardelyx worth $2,382,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the business. Rubric Capital Management LP lifted its holdings in shares of Ardelyx by 68.5% in the third quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company’s stock valued at $21,085,000 after purchasing an additional 1,243,606 shares in the last quarter. Eventide Asset Management LLC raised its holdings in shares of Ardelyx by 11.2% in the third quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company’s stock valued at $51,076,000 after purchasing an additional 746,067 shares during the last quarter. Vestal Point Capital LP bought a new stake in shares of Ardelyx in the third quarter worth $3,445,000. State Street Corp boosted its holdings in Ardelyx by 1.5% during the third quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company’s stock worth $83,657,000 after purchasing an additional 176,789 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its holdings in Ardelyx by 25.5% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 808,392 shares of the biopharmaceutical company’s stock worth $4,099,000 after purchasing an additional 164,480 shares during the last quarter. Institutional investors own 58.92% of the company’s stock.

Insider Activity

In other Ardelyx news, CEO Michael Raab sold 25,000 shares of Ardelyx stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $5.26, for a total value of $131,500.00. Following the completion of the sale, the chief executive officer now owns 1,150,385 shares in the company, valued at $6,051,025.10. The trade was a 2.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Laura A. Williams sold 4,941 shares of the stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $5.62, for a total transaction of $27,768.42. Following the transaction, the insider now owns 303,804 shares in the company, valued at approximately $1,707,378.48. The trade was a 1.60 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 490,029 shares of company stock valued at $2,377,766 and sold 141,408 shares valued at $761,963. 5.90% of the stock is currently owned by company insiders.

Ardelyx Stock Performance

Shares of ARDX stock opened at $5.22 on Friday. The company has a market capitalization of $1.24 billion, a price-to-earnings ratio of -32.63 and a beta of 0.85. 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, Inc. has a 52 week low of $4.32 and a 52 week high of $9.83. The company has a 50-day simple moving average of $5.32 and a 200 day simple moving average of $5.62.

Ardelyx (NASDAQ:ARDX) last posted its earnings results on Thursday, February 20th. The biopharmaceutical company reported $0.02 EPS for the quarter, meeting the consensus estimate of $0.02. The company had revenue of $116.13 million for the quarter, compared to the consensus estimate of $111.16 million. Ardelyx had a negative return on equity of 24.87% and a negative net margin of 11.73%. On average, sell-side analysts predict that Ardelyx, Inc. will post -0.18 earnings per share for the current year.

Wall Street Analyst Weigh In

ARDX has been the topic of several recent research reports. Piper Sandler lifted their price target on shares of Ardelyx from $7.00 to $8.00 and gave the company a “neutral” rating in a research note on Monday, January 27th. Raymond James reissued a “strong-buy” rating and set a $13.00 price target (down from $15.00) on shares of Ardelyx in a research report on Friday, February 21st. Cantor Fitzgerald upgraded shares of Ardelyx to a “strong-buy” rating in a report on Thursday, January 30th. Citigroup cut their price target on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Finally, Jefferies Financial Group lowered their price objective on shares of Ardelyx from $11.00 to $8.00 and set a “buy” rating on the stock in a research note on Thursday, January 2nd. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.93.

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.