Persistent Asset Partners Ltd Purchases Shares of 92,046 Ardelyx, Inc. $ARDX

Persistent Asset Partners Ltd purchased a new position in shares of Ardelyx, Inc. (NASDAQ:ARDX) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 92,046 shares of the biopharmaceutical company’s stock, valued at approximately $507,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ARDX. Vanguard Group Inc. raised its holdings in shares of Ardelyx by 14.6% during the 3rd quarter. Vanguard Group Inc. now owns 18,369,321 shares of the biopharmaceutical company’s stock valued at $101,215,000 after buying an additional 2,337,672 shares in the last quarter. SBI Securities Co. Ltd. raised its stake in shares of Ardelyx by 147.0% during the third quarter. SBI Securities Co. Ltd. now owns 10,253 shares of the biopharmaceutical company’s stock worth $56,000 after acquiring an additional 6,102 shares in the last quarter. Savant Capital LLC raised its stake in shares of Ardelyx by 33.9% during the third quarter. Savant Capital LLC now owns 52,748 shares of the biopharmaceutical company’s stock worth $291,000 after acquiring an additional 13,362 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of Ardelyx by 1.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,873,903 shares of the biopharmaceutical company’s stock worth $10,381,000 after acquiring an additional 30,716 shares during the last quarter. Finally, AIGH Capital Management LLC purchased a new stake in shares of Ardelyx in the 3rd quarter valued at $1,094,000. 58.92% of the stock is currently owned by hedge funds and other institutional investors.

Ardelyx Price Performance

Shares of NASDAQ ARDX opened at $6.74 on Friday. Ardelyx, Inc. has a 1 year low of $3.21 and a 1 year high of $8.40. The stock has a market capitalization of $1.64 billion, a P/E ratio of -29.30 and a beta of 0.57. The company’s 50-day moving average is $6.78 and its 200 day moving average is $6.10. The company has a debt-to-equity ratio of 1.31, a current ratio of 4.41 and a quick ratio of 4.11.

Ardelyx (NASDAQ:ARDX) last posted its quarterly earnings data on Thursday, February 19th. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.03). Ardelyx had a negative net margin of 14.20% and a negative return on equity of 36.91%. The firm had revenue of $125.22 million for the quarter, compared to the consensus estimate of $118.04 million. During the same period in the previous year, the firm posted $0.02 earnings per share. The business’s revenue was up 7.8% compared to the same quarter last year. On average, sell-side analysts expect that Ardelyx, Inc. will post -0.18 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Wedbush lifted their target price on shares of Ardelyx from $16.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. Jefferies Financial Group reiterated a “buy” rating and issued a $15.00 price objective on shares of Ardelyx in a report on Tuesday, January 27th. Piper Sandler upgraded Ardelyx from a “neutral” rating to an “overweight” rating and increased their target price for the company from $10.00 to $16.00 in a report on Thursday, January 8th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $19.00 price target on shares of Ardelyx in a research note on Thursday, January 8th. Finally, BTIG Research reissued a “buy” rating and set a $17.00 price objective on shares of Ardelyx in a research note on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $15.09.

Insiders Place Their Bets

In other Ardelyx news, insider Laura A. Williams sold 50,000 shares of the stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $6.98, for a total value of $349,000.00. Following the completion of the transaction, the insider owned 361,563 shares in the company, valued at approximately $2,523,709.74. This represents a 12.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.80% of the stock is currently owned by insiders.

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.