Ardelyx, Inc. (NASDAQ:ARDX) Holdings Raised by Clay Northam Wealth Management LLC

Clay Northam Wealth Management LLC grew its stake in shares of Ardelyx, Inc. (NASDAQ:ARDX) by 9.3% during the 4th quarter, HoldingsChannel reports. The fund owned 307,680 shares of the biopharmaceutical company’s stock after acquiring an additional 26,208 shares during the period. Ardelyx accounts for 1.0% of Clay Northam Wealth Management LLC’s holdings, making the stock its 19th biggest position. Clay Northam Wealth Management LLC’s holdings in Ardelyx were worth $1,560,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Rubric Capital Management LP raised its position in Ardelyx by 68.5% during the third quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company’s stock valued at $21,085,000 after acquiring an additional 1,243,606 shares in the last quarter. Eventide Asset Management LLC lifted its stake in shares of Ardelyx by 11.2% in the 3rd quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company’s stock valued at $51,076,000 after purchasing an additional 746,067 shares during the last quarter. Vestal Point Capital LP acquired a new stake in shares of Ardelyx in the 3rd quarter valued at $3,445,000. AQR Capital Management LLC boosted its holdings in Ardelyx by 145.6% in the second quarter. AQR Capital Management LLC now owns 416,353 shares of the biopharmaceutical company’s stock worth $3,085,000 after purchasing an additional 246,819 shares in the last quarter. Finally, State Street Corp increased its position in Ardelyx by 1.5% during the third quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company’s stock worth $83,657,000 after buying an additional 176,789 shares during the last quarter. 58.92% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Ardelyx

In other Ardelyx news, CEO Michael Raab sold 41,666 shares of Ardelyx stock in a transaction on Friday, January 31st. The shares were sold at an average price of $5.36, for a total transaction of $223,329.76. Following the sale, the chief executive officer now owns 1,108,719 shares in the company, valued at $5,942,733.84. The trade was a 3.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Justin A. Renz sold 5,260 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $4.79, for a total transaction of $25,195.40. Following the transaction, the chief financial officer now directly owns 291,139 shares of the company’s stock, valued at $1,394,555.81. The trade was a 1.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 207,852 shares of company stock worth $1,103,423. Company insiders own 5.90% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on ARDX. Citigroup cut their price objective on Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Jefferies Financial Group dropped their price target on shares of Ardelyx from $11.00 to $8.00 and set a “buy” rating on the stock in a research report on Thursday, January 2nd. HC Wainwright reaffirmed a “neutral” rating and set a $5.50 price objective on shares of Ardelyx in a report on Thursday, January 16th. Cantor Fitzgerald upgraded shares of Ardelyx to a “strong-buy” rating in a report on Thursday, January 30th. Finally, Piper Sandler boosted their target price on shares of Ardelyx from $7.00 to $8.00 and gave the stock a “neutral” rating in a research report on Monday, January 27th. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $9.42.

Ardelyx Stock Performance

NASDAQ ARDX opened at $5.29 on Tuesday. The company’s fifty day moving average is $5.23 and its two-hundred day moving average is $5.63. Ardelyx, Inc. has a 52-week low of $4.32 and a 52-week high of $10.13. 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 price-to-earnings ratio of -17.63 and a beta of 0.85.

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.