AIGH Capital Management LLC Purchases New Holdings in Ardelyx, Inc. $ARDX

AIGH Capital Management LLC acquired a new position in Ardelyx, Inc. (NASDAQ:ARDX) during the 3rd quarter, HoldingsChannel reports. The fund acquired 198,500 shares of the biopharmaceutical company’s stock, valued at approximately $1,094,000.

Other hedge funds have also made changes to their positions in the company. Marshall Wace LLP lifted its position in shares of Ardelyx by 34.2% in the second quarter. Marshall Wace LLP now owns 11,250,652 shares of the biopharmaceutical company’s stock valued at $44,103,000 after acquiring an additional 2,866,843 shares in the last quarter. Bank of America Corp DE raised its stake in Ardelyx by 88.8% in the 2nd quarter. Bank of America Corp DE now owns 5,527,988 shares of the biopharmaceutical company’s stock valued at $21,670,000 after purchasing an additional 2,600,080 shares during the last quarter. AQR Capital Management LLC raised its stake in Ardelyx by 47.0% in the 2nd quarter. AQR Capital Management LLC now owns 2,312,363 shares of the biopharmaceutical company’s stock valued at $9,064,000 after purchasing an additional 739,300 shares during the last quarter. Stonepine Capital Management LLC purchased a new position in Ardelyx in the 2nd quarter valued at $2,176,000. Finally, Balyasny Asset Management L.P. lifted its holdings in Ardelyx by 88.9% in the 2nd quarter. Balyasny Asset Management L.P. now owns 1,069,856 shares of the biopharmaceutical company’s stock valued at $4,194,000 after purchasing an additional 503,420 shares in the last quarter. Institutional investors and hedge funds own 58.92% of the company’s stock.

Insider Activity at Ardelyx

In other Ardelyx news, insider Mike Kelliher sold 5,560 shares of the stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $5.54, for a total transaction of $30,802.40. Following the completion of the transaction, the insider owned 271,181 shares of the company’s stock, valued at $1,502,342.74. This trade represents a 2.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Elizabeth A. Grammer sold 5,995 shares of Ardelyx stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $5.54, for a total transaction of $33,212.30. Following the sale, the insider owned 299,895 shares of the company’s stock, valued at approximately $1,661,418.30. This represents a 1.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 114,868 shares of company stock worth $708,369. 4.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ARDX. TD Cowen reaffirmed a “buy” rating on shares of Ardelyx in a report on Friday, October 31st. Wedbush upped their price objective on shares of Ardelyx from $16.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday. BTIG Research increased their price objective on shares of Ardelyx from $14.00 to $17.00 and gave the company a “buy” rating in a report on Friday, January 9th. Citigroup boosted their target price on Ardelyx from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, January 9th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and issued a $19.00 price target on shares of Ardelyx in a report on Thursday, January 8th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $14.30.

Ardelyx Trading Down 2.0%

ARDX opened at $7.77 on Friday. The stock has a market capitalization of $1.89 billion, a PE ratio of -33.78 and a beta of 0.56. Ardelyx, Inc. has a one year low of $3.21 and a one year high of $8.40. The company has a debt-to-equity ratio of 1.31, a quick ratio of 4.11 and a current ratio of 4.41. The business’s 50 day moving average price is $6.19 and its 200 day moving average price is $5.72.

Ardelyx (NASDAQ:ARDX) last posted its earnings results on Thursday, October 30th. The biopharmaceutical company reported $0.00 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.06. The company had revenue of $110.33 million during the quarter, compared to analysts’ expectations of $100.44 million. Ardelyx had a negative return on equity of 36.91% and a negative net margin of 14.20%.The company’s revenue for the quarter was up 14.6% on a year-over-year basis. As a group, equities research analysts expect that Ardelyx, Inc. will post -0.18 EPS for the current year.

Ardelyx Profile

Ardelyx, Inc (NASDAQ: ARDX) is a clinical‐stage biopharmaceutical company focused on discovering, developing and commercializing targeted small molecule drugs for cardio‐renal and gastrointestinal diseases. The company’s lead marketed product, tenapanor (sold under the brand name XPHOZAH in the United States), is approved for the treatment of hyperphosphatemia in patients with chronic kidney disease on dialysis. Ardelyx’s proprietary approach targets epithelial transporters in the gastrointestinal tract, offering localized activity with limited systemic exposure.

Beyond tenapanor, Ardelyx’s development pipeline includes treatments designed to address other complications in kidney disease and related metabolic disorders.