Walleye Capital LLC Takes Position in Ardelyx, Inc. $ARDX

Walleye Capital LLC bought a new position in shares of Ardelyx, Inc. (NASDAQ:ARDX) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 171,014 shares of the biopharmaceutical company’s stock, valued at approximately $872,000. Walleye Capital LLC owned 0.07% of Ardelyx at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Bank of America Corp DE raised its position in Ardelyx by 88.8% during the 2nd quarter. Bank of America Corp DE now owns 5,527,988 shares of the biopharmaceutical company’s stock valued at $21,670,000 after purchasing an additional 2,600,080 shares during the last quarter. State Street Corp lifted its holdings in Ardelyx by 22.6% in the 4th quarter. State Street Corp now owns 11,912,339 shares of the biopharmaceutical company’s stock worth $69,449,000 after buying an additional 2,193,649 shares during the period. Rubric Capital Management LP bought a new stake in shares of Ardelyx in the 1st quarter worth approximately $11,147,000. J. Goldman & Co LP grew its position in shares of Ardelyx by 1,034.8% in the 4th quarter. J. Goldman & Co LP now owns 1,622,736 shares of the biopharmaceutical company’s stock worth $9,461,000 after buying an additional 1,479,736 shares during the last quarter. Finally, AIGH Capital Management LLC increased its stake in shares of Ardelyx by 479.3% during the fourth quarter. AIGH Capital Management LLC now owns 1,150,000 shares of the biopharmaceutical company’s stock valued at $6,704,000 after buying an additional 951,500 shares during the period. 58.92% of the stock is owned by institutional investors.

Ardelyx Price Performance

ARDX opened at $4.06 on Friday. The stock has a fifty day simple moving average of $5.22 and a two-hundred day simple moving average of $5.95. The company has a current ratio of 3.34, a quick ratio of 3.28 and a debt-to-equity ratio of 1.69. The company has a market cap of $1.01 billion, a price-to-earnings ratio of -18.45 and a beta of 0.70. Ardelyx, Inc. has a 12-month low of $3.86 and a 12-month high of $8.40.

Ardelyx (NASDAQ:ARDX) last announced its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.02). The business had revenue of $120.88 million for the quarter, compared to the consensus estimate of $121.03 million. Ardelyx had a negative net margin of 12.35% and a negative return on equity of 36.00%. The business’s quarterly revenue was up 34.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.08) EPS. Research analysts predict that Ardelyx, Inc. will post -0.18 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Eric Duane Foster sold 7,998 shares of the business’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $6.27, for a total transaction of $50,147.46. Following the sale, the insider owned 417,972 shares of the company’s stock, valued at $2,620,684.44. The trade was a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mike Kelliher sold 7,248 shares of the company’s stock in a transaction dated 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 sale, the insider owned 357,418 shares in the company, valued at approximately $2,241,010.86. This trade represents a 1.99% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 24,572 shares of company stock valued at $154,066. 5.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ARDX. Weiss Ratings downgraded Ardelyx from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, June 29th. BTIG Research cut their price target on shares of Ardelyx from $17.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, August 7th. LADENBURG THALM/SH SH initiated coverage on shares of Ardelyx in a research report on Tuesday, June 16th. They set a “buy” rating and a $16.00 price objective on the stock. Zacks Research lowered shares of Ardelyx from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 22nd. Finally, TD Cowen dropped their target price on shares of Ardelyx from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Ardelyx presently has an average rating of “Moderate Buy” and a consensus target price of $15.00.

Ardelyx 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.