10,000 Shares in Ardelyx, Inc. (NASDAQ:ARDX) Bought by Coastal Bridge Advisors LLC

Coastal Bridge Advisors LLC purchased a new stake in Ardelyx, Inc. (NASDAQ:ARDX) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 10,000 shares of the biopharmaceutical company’s stock, valued at approximately $74,000.

Several other institutional investors have also added to or reduced their stakes in ARDX. Creative Planning boosted its stake in Ardelyx by 90.0% in the 2nd quarter. Creative Planning now owns 40,417 shares of the biopharmaceutical company’s stock worth $299,000 after purchasing an additional 19,140 shares in the last quarter. Algert Global LLC acquired a new stake in shares of Ardelyx during the second quarter worth $174,000. Millennium Management LLC grew its holdings in shares of Ardelyx by 142.8% during the second quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock valued at $23,735,000 after buying an additional 1,883,995 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Ardelyx by 145.6% in the 2nd quarter. AQR Capital Management LLC now owns 416,353 shares of the biopharmaceutical company’s stock valued at $3,085,000 after acquiring an additional 246,819 shares during the period. Finally, Alpha DNA Investment Management LLC purchased a new position in Ardelyx in the 2nd quarter worth $456,000. Institutional investors and hedge funds own 58.92% of the company’s stock.

Ardelyx Trading Up 4.6 %

ARDX stock opened at $6.65 on Friday. Ardelyx, Inc. has a 52-week low of $3.16 and a 52-week high of $10.13. The company has a quick ratio of 3.99, a current ratio of 4.21 and a debt-to-equity ratio of 0.68. The firm has a market cap of $1.55 billion, a P/E ratio of -23.75 and a beta of 0.90. The company’s 50-day simple moving average is $5.93 and its 200-day simple moving average is $6.58.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings data on Thursday, August 1st. The biopharmaceutical company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.04. The company had revenue of $73.20 million for the quarter, compared to analyst estimates of $55.03 million. Ardelyx had a negative return on equity of 39.73% and a negative net margin of 31.02%. Ardelyx’s quarterly revenue was up 228.3% compared to the same quarter last year. During the same period last year, the company earned ($0.08) earnings per share. As a group, equities analysts forecast that Ardelyx, Inc. will post -0.26 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ARDX. Wedbush reissued an “outperform” rating and issued a $11.00 price objective on shares of Ardelyx in a report on Friday, August 2nd. StockNews.com upgraded shares of Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday, July 31st. Cantor Fitzgerald restated an “overweight” rating on shares of Ardelyx in a research report on Thursday, June 20th. Piper Sandler lowered shares of Ardelyx from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $15.00 to $7.00 in a report on Tuesday, July 2nd. Finally, Citigroup lifted their price objective on Ardelyx from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.67.

Insider Buying and Selling

In other Ardelyx news, insider David P. Rosenbaum sold 20,507 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $6.00, for a total transaction of $123,042.00. Following the transaction, the insider now directly owns 158,502 shares of the company’s stock, valued at $951,012. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Michael Raab sold 35,000 shares of the company’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $5.61, for a total transaction of $196,350.00. Following the completion of the sale, the chief executive officer now owns 1,220,608 shares of the company’s stock, valued at $6,847,610.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider David P. Rosenbaum sold 20,507 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $6.00, for a total transaction of $123,042.00. Following the completion of the sale, the insider now owns 158,502 shares of the company’s stock, valued at approximately $951,012. The disclosure for this sale can be found here. In the last quarter, insiders sold 167,562 shares of company stock valued at $977,130. 5.50% of the stock is owned by corporate insiders.

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.