Swiss National Bank Trims Position in Ardelyx, Inc. $ARDX

Swiss National Bank decreased its holdings in shares of Ardelyx, Inc. (NASDAQ:ARDX) by 0.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 458,900 shares of the biopharmaceutical company’s stock after selling 4,200 shares during the quarter. Swiss National Bank owned about 0.19% of Ardelyx worth $2,253,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in ARDX. GF Fund Management CO. LTD. purchased a new position in shares of Ardelyx during the 4th quarter worth about $25,000. Cyndeo Wealth Partners LLC purchased a new stake in Ardelyx in the first quarter valued at approximately $49,000. Rehmann Capital Advisory Group acquired a new position in Ardelyx during the fourth quarter worth approximately $51,000. Quarry LP purchased a new position in Ardelyx during the fourth quarter worth approximately $51,000. Finally, Crestline Management LP purchased a new position in Ardelyx during the fourth quarter worth approximately $64,000. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Ardelyx Price Performance

NASDAQ ARDX opened at $6.11 on Friday. The stock has a market cap of $1.47 billion, a PE ratio of -26.56 and a beta of 0.68. Ardelyx, Inc. has a fifty-two week low of $3.21 and a fifty-two week high of $7.18. The business has a 50 day moving average price of $4.58 and a two-hundred day moving average price of $4.67. The company has a quick ratio of 4.03, a current ratio of 4.30 and a debt-to-equity ratio of 1.44.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings results on Monday, August 4th. The biopharmaceutical company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.05. The business had revenue of $97.66 million for the quarter, compared to analysts’ expectations of $82.69 million. Ardelyx had a negative return on equity of 36.57% and a negative net margin of 14.60%.The company’s revenue was up 23.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.07) earnings per share. As a group, sell-side analysts predict that Ardelyx, Inc. will post -0.18 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ARDX. Wedbush reissued an “outperform” rating and set a $14.00 price target (up previously from $13.00) on shares of Ardelyx in a research report on Tuesday, August 5th. Piper Sandler lifted their price objective on Ardelyx from $8.00 to $9.00 and gave the company a “neutral” rating in a research note on Wednesday, August 6th. Raymond James Financial reiterated an “outperform” rating and set a $12.00 target price (up previously from $11.00) on shares of Ardelyx in a report on Tuesday, August 5th. Wall Street Zen upgraded shares of Ardelyx from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Finally, HC Wainwright assumed coverage on shares of Ardelyx in a research report on Wednesday, June 18th. They set a “buy” rating and a $10.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Ardelyx has an average rating of “Buy” and an average target price of $11.50.

Insider Buying and Selling

In related news, Director David M. Mott acquired 200,000 shares of Ardelyx stock in a transaction on Monday, June 16th. The shares were purchased at an average cost of $3.63 per share, for a total transaction of $726,000.00. Following the purchase, the director directly owned 2,896,871 shares of the company’s stock, valued at $10,515,641.73. The trade was a 7.42% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.80% of the stock is owned by company 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.