Entropy Technologies LP Makes New Investment in Ardelyx, Inc. (NASDAQ:ARDX)

Entropy Technologies LP acquired a new position in shares of Ardelyx, Inc. (NASDAQ:ARDX) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 46,706 shares of the biopharmaceutical company’s stock, valued at approximately $341,000.

A number of other large investors also recently bought and sold shares of ARDX. Vanguard Group Inc. grew its stake in shares of Ardelyx by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 11,565,800 shares of the biopharmaceutical company’s stock worth $47,188,000 after purchasing an additional 97,951 shares during the period. Eventide Asset Management LLC grew its stake in Ardelyx by 152.5% in the 4th quarter. Eventide Asset Management LLC now owns 6,805,494 shares of the biopharmaceutical company’s stock valued at $42,194,000 after acquiring an additional 4,110,494 shares during the last quarter. Rubric Capital Management LP grew its stake in Ardelyx by 60.5% in the 4th quarter. Rubric Capital Management LP now owns 4,012,753 shares of the biopharmaceutical company’s stock valued at $24,879,000 after acquiring an additional 1,512,753 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Ardelyx by 9.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,816,732 shares of the biopharmaceutical company’s stock valued at $11,264,000 after acquiring an additional 150,465 shares during the last quarter. Finally, Rafferty Asset Management LLC grew its stake in Ardelyx by 25.3% in the 4th quarter. Rafferty Asset Management LLC now owns 1,375,514 shares of the biopharmaceutical company’s stock valued at $8,528,000 after acquiring an additional 277,620 shares during the last quarter. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on ARDX. StockNews.com cut shares of Ardelyx from a “hold” rating to a “sell” rating in a research note on Friday, June 28th. Cantor Fitzgerald reissued an “overweight” rating on shares of Ardelyx in a research note on Thursday, June 20th. SVB Leerink began coverage on shares of Ardelyx in a research note on Friday, April 5th. They issued an “outperform” rating and a $14.00 price objective on the stock. Piper Sandler cut shares of Ardelyx from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $15.00 to $7.00 in a research note on Tuesday, July 2nd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $10.00 price target on shares of Ardelyx in a research note on Thursday. One analyst has rated the stock with a sell rating, one has given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Ardelyx currently has an average rating of “Moderate Buy” and a consensus price target of $10.69.

Insider Activity at Ardelyx

In related news, CEO Michael Raab sold 7,500 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $5.97, for a total value of $44,775.00. Following the transaction, the chief executive officer now owns 1,260,463 shares in the company, valued at $7,524,964.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Robert Blanks sold 38,000 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $5.96, for a total value of $226,480.00. Following the transaction, the insider now owns 324,331 shares in the company, valued at $1,933,012.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Raab sold 7,500 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $5.97, for a total transaction of $44,775.00. Following the completion of the transaction, the chief executive officer now owns 1,260,463 shares in the company, valued at approximately $7,524,964.11. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 534,119 shares of company stock worth $4,109,050. Company insiders own 5.50% of the company’s stock.

Ardelyx Trading Up 0.9 %

Shares of ARDX stock traded up $0.05 during trading hours on Friday, hitting $5.54. 216,240 shares of the company were exchanged, compared to its average volume of 5,664,194. The firm has a market cap of $1.29 billion, a PE ratio of -19.57 and a beta of 0.83. Ardelyx, Inc. has a 1 year low of $3.16 and a 1 year high of $10.13. The company has a quick ratio of 4.36, a current ratio of 4.53 and a debt-to-equity ratio of 0.66. The firm has a fifty day moving average of $6.57 and a 200 day moving average of $7.57.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings data on Thursday, May 2nd. The biopharmaceutical company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.02. Ardelyx had a negative net margin of 41.36% and a negative return on equity of 41.65%. The business had revenue of $46.00 million for the quarter, compared to analyst estimates of $36.40 million. During the same period in the prior year, the firm posted ($0.13) EPS. The company’s revenue was up 303.5% on a year-over-year basis. Analysts expect that Ardelyx, Inc. will post -0.34 earnings per share for the current year.

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.