Rubric Capital Management LP Increases Position in Ardelyx, Inc. (NASDAQ:ARDX)

Rubric Capital Management LP lifted its holdings in shares of Ardelyx, Inc. (NASDAQ:ARDX) by 68.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,060,191 shares of the biopharmaceutical company’s stock after acquiring an additional 1,243,606 shares during the quarter. Rubric Capital Management LP’s holdings in Ardelyx were worth $21,085,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Nisa Investment Advisors LLC increased its position in shares of Ardelyx by 1,026.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock valued at $26,000 after purchasing an additional 3,233 shares during the last quarter. Redwood Wealth Management Group LLC bought a new stake in Ardelyx in the second quarter worth about $62,000. Coastal Bridge Advisors LLC purchased a new position in Ardelyx in the second quarter valued at about $74,000. Helen Stephens Group LLC bought a new position in shares of Ardelyx during the 3rd quarter valued at approximately $76,000. Finally, CWM LLC increased its stake in shares of Ardelyx by 328.1% during the 3rd quarter. CWM LLC now owns 12,814 shares of the biopharmaceutical company’s stock worth $88,000 after purchasing an additional 9,821 shares during the last quarter. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Ardelyx Price Performance

Shares of NASDAQ:ARDX opened at $5.35 on Wednesday. Ardelyx, Inc. has a one year low of $4.06 and a one year high of $10.13. The firm has a fifty day moving average price of $5.80 and a two-hundred day moving average price of $6.08. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.03 and a quick ratio of 3.87.

Insider Activity at Ardelyx

In other news, CEO Michael Raab sold 35,000 shares of the stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $5.61, for a total value of $196,350.00. Following the transaction, the chief executive officer now owns 1,220,608 shares of the company’s stock, valued at $6,847,610.88. This represents a 2.79 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider David P. Rosenbaum sold 49,564 shares of Ardelyx stock in a transaction on Friday, September 27th. The stock was sold at an average price of $6.92, for a total transaction of $342,982.88. Following the sale, the insider now directly owns 301,946 shares of the company’s stock, valued at $2,089,466.32. This represents a 14.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 227,068 shares of company stock valued at $1,338,141. Company insiders own 5.90% of the company’s stock.

Wall Street Analyst Weigh In

ARDX has been the topic of several research reports. StockNews.com upgraded Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday, July 31st. Citigroup cut their target price on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Wedbush reissued an “outperform” rating and issued a $11.00 price target on shares of Ardelyx in a research report on Friday, August 2nd. Finally, HC Wainwright downgraded shares of Ardelyx from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $11.00 to $5.50 in a report on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Ardelyx currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.42.

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.