Teacher Retirement System of Texas Trims Stake in Ardelyx, Inc. (NASDAQ:ARDX)

Teacher Retirement System of Texas lowered its stake in Ardelyx, Inc. (NASDAQ:ARDX) by 8.8% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 63,739 shares of the biopharmaceutical company’s stock after selling 6,128 shares during the quarter. Teacher Retirement System of Texas’ holdings in Ardelyx were worth $313,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Clay Northam Wealth Management LLC lifted its stake in Ardelyx by 12.9% in the 1st quarter. Clay Northam Wealth Management LLC now owns 347,455 shares of the biopharmaceutical company’s stock valued at $1,706,000 after buying an additional 39,775 shares in the last quarter. Palumbo Wealth Management LLC lifted its stake in Ardelyx by 62.2% in the 1st quarter. Palumbo Wealth Management LLC now owns 27,638 shares of the biopharmaceutical company’s stock valued at $136,000 after buying an additional 10,597 shares in the last quarter. World Equity Group Inc. purchased a new stake in Ardelyx in the 1st quarter valued at approximately $85,000. Cyndeo Wealth Partners LLC purchased a new stake in Ardelyx in the 1st quarter valued at approximately $49,000. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in Ardelyx by 87.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 53,336 shares of the biopharmaceutical company’s stock valued at $262,000 after buying an additional 24,893 shares in the last quarter. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Insider Transactions at Ardelyx

In related news, insider Laura A. Williams sold 6,421 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $4.08, for a total value of $26,197.68. Following the completion of the sale, the insider directly owned 402,583 shares in the company, valued at approximately $1,642,538.64. This represents a 1.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David M. Mott purchased 200,000 shares of the stock in a transaction that occurred on Monday, June 16th. The stock was bought at an average price of $3.63 per share, with a total value of $726,000.00. Following the completion of the acquisition, the director owned 2,896,871 shares in the company, valued at $10,515,641.73. This represents a 7.42% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 881,377 shares of company stock worth $3,402,411 and sold 125,143 shares worth $517,667. 4.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Raymond James Financial lowered Ardelyx from a “strong-buy” rating to an “outperform” rating and set a $11.00 target price on the stock. in a research note on Friday, May 2nd. Citigroup reduced their price target on Ardelyx from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Friday, May 2nd. HC Wainwright assumed coverage on Ardelyx in a research note on Wednesday, June 18th. They set a “buy” rating and a $10.00 price target on the stock. Finally, Wall Street Zen lowered Ardelyx from a “hold” rating to a “sell” rating in a research note on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $10.89.

Ardelyx Trading Down 2.4%

ARDX stock opened at $4.41 on Friday. The company has a market cap of $1.06 billion, a price-to-earnings ratio of -20.05 and a beta of 0.60. The company has a quick ratio of 3.81, a current ratio of 4.12 and a debt-to-equity ratio of 1.04. The business has a fifty day simple moving average of $3.93 and a 200-day simple moving average of $4.71. Ardelyx, Inc. has a 52 week low of $3.21 and a 52 week high of $7.18.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings data on Thursday, May 1st. The biopharmaceutical company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.07). Ardelyx had a negative return on equity of 34.45% and a negative net margin of 14.86%. The firm had revenue of $74.11 million for the quarter, compared to analyst estimates of $79.40 million. During the same quarter in the previous year, the company earned ($0.11) earnings per share. The company’s quarterly revenue was up 61.1% on a year-over-year basis. On average, equities research analysts expect that Ardelyx, Inc. will post -0.18 EPS for the current year.

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.