Allspring Global Investments Holdings LLC Cuts Position in Ardelyx, Inc. (NASDAQ:ARDX)

Allspring Global Investments Holdings LLC decreased its holdings in Ardelyx, Inc. (NASDAQ:ARDX) by 36.9% in the 4th quarter, HoldingsChannel reports. The fund owned 83,983 shares of the biopharmaceutical company’s stock after selling 49,084 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Ardelyx were worth $521,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Willis Johnson & Associates Inc. purchased a new position in Ardelyx in the third quarter worth $41,000. SJS Investment Consulting Inc. purchased a new position in shares of Ardelyx in the fourth quarter valued at $62,000. Sherbrooke Park Advisers LLC purchased a new position in shares of Ardelyx in the third quarter valued at $63,000. Laurion Capital Management LP purchased a new position in shares of Ardelyx in the third quarter valued at $81,000. Finally, Values First Advisors Inc. purchased a new position in shares of Ardelyx in the fourth quarter valued at $93,000. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. SVB Leerink assumed coverage on Ardelyx in a research report on Friday, April 5th. They issued an “outperform” rating and a $14.00 price target for the company. Citigroup raised their price target on Ardelyx from $9.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, January 10th. Leerink Partnrs restated an “outperform” rating on shares of Ardelyx in a research report on Friday, April 5th. StockNews.com cut Ardelyx from a “hold” rating to a “sell” rating in a research report on Monday, February 26th. Finally, Wedbush raised their price target on Ardelyx from $13.00 to $14.00 and gave the company an “outperform” rating in a research report on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Ardelyx presently has a consensus rating of “Moderate Buy” and an average price target of $12.69.

Insiders Place Their Bets

In other Ardelyx news, insider David P. Rosenbaum sold 15,344 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $9.18, for a total value of $140,857.92. Following the sale, the insider now directly owns 384,002 shares of the company’s stock, valued at approximately $3,525,138.36. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Ardelyx news, insider David P. Rosenbaum sold 15,344 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $9.18, for a total value of $140,857.92. Following the sale, the insider now directly owns 384,002 shares of the company’s stock, valued at approximately $3,525,138.36. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Michael Raab sold 7,500 shares of the firm’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $7.06, for a total value of $52,950.00. Following the completion of the sale, the chief executive officer now directly owns 1,310,933 shares in the company, valued at $9,255,186.98. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 148,820 shares of company stock valued at $1,208,524. Insiders own 5.50% of the company’s stock.

Ardelyx Stock Down 1.9 %

ARDX opened at $6.31 on Friday. The company has a quick ratio of 4.64, a current ratio of 4.88 and a debt-to-equity ratio of 0.30. The firm has a market cap of $1.47 billion, a P/E ratio of -21.03 and a beta of 0.85. Ardelyx, Inc. has a 52 week low of $3.16 and a 52 week high of $10.13. The business’s fifty day simple moving average is $7.90 and its 200 day simple moving average is $6.65.

Ardelyx (NASDAQ:ARDX) last posted its quarterly earnings data on Thursday, February 22nd. The biopharmaceutical company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). Ardelyx had a negative net margin of 53.08% and a negative return on equity of 43.57%. The company had revenue of $34.36 million for the quarter, compared to analyst estimates of $34.26 million. During the same period in the previous year, the business earned $0.06 EPS. The firm’s revenue was down 22.2% on a year-over-year basis. As a group, equities research analysts anticipate that Ardelyx, Inc. will post -0.44 EPS 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.