Wealth Enhancement Advisory Services LLC Acquires 7,245 Shares of Ardelyx, Inc. (NASDAQ:ARDX)

Wealth Enhancement Advisory Services LLC grew its holdings in shares of Ardelyx, Inc. (NASDAQ:ARDX) by 34.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 28,365 shares of the biopharmaceutical company’s stock after buying an additional 7,245 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Ardelyx were worth $195,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ARDX. Swiss National Bank increased its position in Ardelyx by 6.7% during the 1st quarter. Swiss National Bank now owns 458,300 shares of the biopharmaceutical company’s stock valued at $3,346,000 after purchasing an additional 28,900 shares during the period. Russell Investments Group Ltd. increased its position in shares of Ardelyx by 100.7% during the first quarter. Russell Investments Group Ltd. now owns 536,297 shares of the biopharmaceutical company’s stock valued at $3,915,000 after buying an additional 269,046 shares during the period. ProShare Advisors LLC raised its stake in Ardelyx by 8.9% in the first quarter. ProShare Advisors LLC now owns 57,729 shares of the biopharmaceutical company’s stock worth $421,000 after buying an additional 4,735 shares in the last quarter. Entropy Technologies LP purchased a new stake in Ardelyx in the first quarter worth about $341,000. Finally, Vanguard Group Inc. boosted its position in Ardelyx by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 13,391,855 shares of the biopharmaceutical company’s stock valued at $97,761,000 after acquiring an additional 365,809 shares in the last quarter. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Ardelyx Trading Down 6.2 %

NASDAQ ARDX opened at $4.59 on Wednesday. Ardelyx, Inc. has a 12 month low of $3.49 and a 12 month high of $10.13. The company has a current ratio of 4.03, a quick ratio of 3.87 and a debt-to-equity ratio of 0.64. The stock’s fifty day moving average price is $6.01 and its 200-day moving average price is $6.29. The stock has a market cap of $1.09 billion, a P/E ratio of -15.30 and a beta of 0.92.

Insider Buying and Selling

In related news, insider David P. Rosenbaum sold 20,000 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $5.94, for a total transaction of $118,800.00. Following the sale, the insider now directly owns 356,479 shares of the company’s stock, valued at approximately $2,117,485.26. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider David P. Rosenbaum sold 27,171 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $6.10, for a total transaction of $165,743.10. Following the completion of the sale, the insider now owns 153,616 shares of the company’s stock, valued at $937,057.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider David P. Rosenbaum sold 20,000 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $5.94, for a total transaction of $118,800.00. Following the completion of the sale, the insider now directly owns 356,479 shares of the company’s stock, valued at $2,117,485.26. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 267,983 shares of company stock worth $1,632,802 in the last quarter. Corporate insiders own 5.90% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Wedbush reissued an “outperform” rating and issued a $11.00 target price on shares of Ardelyx in a research report on Friday, August 2nd. HC Wainwright downgraded Ardelyx from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $11.00 to $5.50 in a report on Monday. Citigroup lowered their price objective on Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Finally, StockNews.com raised shares of Ardelyx from a “sell” rating to a “hold” rating in a research report on Wednesday, July 31st. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Ardelyx presently has an average rating of “Moderate Buy” and a consensus price target of $10.42.

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.