IndexIQ Advisors LLC Buys New Stake in Ardelyx, Inc. (NASDAQ:ARDX)

IndexIQ Advisors LLC bought a new position in shares of Ardelyx, Inc. (NASDAQ:ARDX) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 37,413 shares of the biopharmaceutical company’s stock, valued at approximately $191,000. IndexIQ Advisors LLC owned about 0.08% of Ardelyx as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. ClariVest Asset Management LLC raised its position in shares of Ardelyx by 1.1% during the first quarter. ClariVest Asset Management LLC now owns 37,900 shares of the biopharmaceutical company’s stock worth $480,000 after acquiring an additional 400 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Ardelyx by 7.9% in the first quarter. Alliancebernstein L.P. now owns 13,700 shares of the biopharmaceutical company’s stock valued at $173,000 after purchasing an additional 1,000 shares during the last quarter. Bank of America Corp DE increased its holdings in Ardelyx by 52.6% in the first quarter. Bank of America Corp DE now owns 10,612 shares of the biopharmaceutical company’s stock valued at $134,000 after purchasing an additional 3,659 shares during the last quarter. Rhumbline Advisers increased its holdings in Ardelyx by 15.6% in the second quarter. Rhumbline Advisers now owns 40,516 shares of the biopharmaceutical company’s stock valued at $207,000 after purchasing an additional 5,465 shares during the last quarter. Finally, American International Group Inc. increased its holdings in Ardelyx by 43.8% in the first quarter. American International Group Inc. now owns 18,926 shares of the biopharmaceutical company’s stock valued at $239,000 after purchasing an additional 5,765 shares during the last quarter. Institutional investors own 78.58% of the company’s stock.

A number of research firms recently commented on ARDX. BidaskClub upgraded Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Zacks Investment Research downgraded Ardelyx from a “buy” rating to a “hold” rating in a report on Tuesday, July 18th. ValuEngine upgraded Ardelyx from a “strong sell” rating to a “sell” rating in a report on Thursday, July 6th. Finally, Cantor Fitzgerald reiterated a “buy” rating on shares of Ardelyx in a report on Monday, August 28th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $14.13.

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Ardelyx, Inc. (ARDX) opened at 5.30 on Friday. Ardelyx, Inc. has a 52-week low of $4.05 and a 52-week high of $16.30. The stock’s 50 day moving average price is $5.08 and its 200 day moving average price is $7.94. The firm’s market capitalization is $251.46 million.

Ardelyx (NASDAQ:ARDX) last issued its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.54) EPS for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.09. On average, analysts predict that Ardelyx, Inc. will post ($2.19) EPS for the current fiscal year.

Ardelyx Profile

Ardelyx, Inc is a clinical-stage biopharmaceutical company. The Company’s therapeutics focuses on addressing cardiorenal and gastrointestinal (GI) diseases. It operates through the research, development and commercialization of biopharmaceutical products segment. The Company’s products line includes cardiorenal portfolio and gastrointestinal portfolio.

Institutional Ownership by Quarter for Ardelyx (NASDAQ:ARDX)

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