Ardelyx, Inc. (NASDAQ:ARDX) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its stake in shares of Ardelyx, Inc. (NASDAQ:ARDX) by 13.5% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 247,924 shares of the biopharmaceutical company’s stock after selling 38,773 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.10% of Ardelyx worth $1,708,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. World Equity Group Inc. grew its stake in shares of Ardelyx by 15.4% during the second quarter. World Equity Group Inc. now owns 18,402 shares of the biopharmaceutical company’s stock valued at $136,000 after acquiring an additional 2,453 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of Ardelyx by 1,026.3% in 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 in the last quarter. Aigen Investment Management LP raised its holdings in Ardelyx by 29.4% in the third quarter. Aigen Investment Management LP now owns 23,510 shares of the biopharmaceutical company’s stock valued at $162,000 after acquiring an additional 5,346 shares in the last quarter. Values First Advisors Inc. lifted its position in shares of Ardelyx by 14.6% during the third quarter. Values First Advisors Inc. now owns 46,282 shares of the biopharmaceutical company’s stock worth $319,000 after purchasing an additional 5,890 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Ardelyx by 34.3% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 28,365 shares of the biopharmaceutical company’s stock valued at $195,000 after acquiring an additional 7,245 shares in the last quarter. 58.92% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Ardelyx

In other Ardelyx news, insider David P. Rosenbaum sold 49,564 shares of the company’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $6.92, for a total value of $342,982.88. Following the transaction, the insider now owns 301,946 shares of the company’s stock, valued at approximately $2,089,466.32. This represents a 14.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Raab sold 25,000 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $5.38, for a total value of $134,500.00. Following the sale, the chief executive officer now directly owns 1,150,385 shares of the company’s stock, valued at approximately $6,189,071.30. This represents a 2.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 252,068 shares of company stock valued at $1,472,641. Corporate insiders own 5.90% of the company’s stock.

Wall Street Analyst Weigh In

ARDX has been the subject of a number of research reports. Citigroup decreased their target price on Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, November 4th. HC Wainwright downgraded Ardelyx from a “buy” rating to a “neutral” rating and cut their target price for the company from $11.00 to $5.50 in a research note on Monday, November 11th. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $10.42.

Ardelyx Price Performance

NASDAQ ARDX opened at $5.27 on Tuesday. The company’s 50 day simple moving average is $5.69 and its 200 day simple moving average is $5.94. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.03 and a quick ratio of 3.87. The firm has a market capitalization of $1.25 billion, a PE ratio of -17.57 and a beta of 0.83. Ardelyx, Inc. has a 12 month low of $4.34 and a 12 month high of $10.13.

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.