Redmile Group LLC Takes $4.39 Million Position in Ardelyx, Inc. $ARDX

Redmile Group LLC bought a new position in shares of Ardelyx, Inc. (NASDAQ:ARDX) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 733,350 shares of the biopharmaceutical company’s stock, valued at approximately $4,393,000. Redmile Group LLC owned approximately 0.30% of Ardelyx as of its most recent filing with the SEC.

A number of other hedge funds have also added to or reduced their stakes in the company. First Horizon Corp lifted its stake in shares of Ardelyx by 120.4% in the 4th quarter. First Horizon Corp now owns 7,906 shares of the biopharmaceutical company’s stock valued at $46,000 after acquiring an additional 4,319 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. bought a new stake in shares of Ardelyx in the 4th quarter valued at about $60,000. Krilogy Financial LLC bought a new stake in Ardelyx in the first quarter valued at approximately $70,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Ardelyx by 26.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,807 shares of the biopharmaceutical company’s stock worth $69,000 after buying an additional 2,491 shares during the period. Finally, Richmond Investment Services LLC acquired a new stake in Ardelyx during the 1st quarter worth about $72,000. 58.92% of the stock is owned by institutional investors.

Ardelyx Trading Up 0.6%

Ardelyx stock opened at $5.09 on Wednesday. The firm’s fifty day moving average price is $5.59 and its 200-day moving average price is $6.20. Ardelyx, Inc. has a fifty-two week low of $4.07 and a fifty-two week high of $8.40. The stock has a market cap of $1.26 billion, a P/E ratio of -22.13 and a beta of 0.61. The company has a debt-to-equity ratio of 1.37, a quick ratio of 3.28 and a current ratio of 3.49.

Ardelyx (NASDAQ:ARDX) last posted its quarterly earnings data on Thursday, April 30th. The biopharmaceutical company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). The company had revenue of $94.47 million for the quarter, compared to the consensus estimate of $92.78 million. Ardelyx had a negative return on equity of 38.11% and a negative net margin of 13.58%.The business’s revenue was up 27.5% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.17) earnings per share. Equities research analysts forecast that Ardelyx, Inc. will post -0.08 earnings per share for the current fiscal year.

Insider Activity at Ardelyx

In other news, insider Eric Duane Foster sold 7,998 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $6.27, for a total value of $50,147.46. Following the completion of the sale, the insider directly owned 417,972 shares in the company, valued at approximately $2,620,684.44. The trade was a 1.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Mike Kelliher sold 7,248 shares of Ardelyx stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $6.27, for a total transaction of $45,444.96. Following the completion of the transaction, the insider owned 357,418 shares in the company, valued at approximately $2,241,010.86. The trade was a 1.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 24,572 shares of company stock worth $154,066 over the last three months. Insiders own 5.30% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on ARDX shares. Weiss Ratings cut shares of Ardelyx from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, June 29th. LADENBURG THALM/SH SH initiated coverage on Ardelyx in a report on Tuesday, June 16th. They set a “buy” rating and a $16.00 price target on the stock. Finally, Zacks Research downgraded shares of Ardelyx from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Sell rating to the company. According to MarketBeat, Ardelyx currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.73.

Ardelyx Company Profile

Ardelyx, Inc (NASDAQ: ARDX) is a clinical‐stage biopharmaceutical company focused on discovering, developing and commercializing targeted small molecule drugs for cardio‐renal and gastrointestinal diseases. The company’s lead marketed product, tenapanor (sold under the brand name XPHOZAH in the United States), is approved for the treatment of hyperphosphatemia in patients with chronic kidney disease on dialysis. Ardelyx’s proprietary approach targets epithelial transporters in the gastrointestinal tract, offering localized activity with limited systemic exposure.

Beyond tenapanor, Ardelyx’s development pipeline includes treatments designed to address other complications in kidney disease and related metabolic disorders.