Redmile Group LLC Invests $16.02 Million in Ardelyx, Inc. (NASDAQ:ARDX)

Redmile Group LLC bought a new stake in Ardelyx, Inc. (NASDAQ:ARDX) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 2,194,560 shares of the biopharmaceutical company’s stock, valued at approximately $16,020,000. Redmile Group LLC owned about 0.94% of Ardelyx as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of ARDX. HighMark Wealth Management LLC acquired a new stake in Ardelyx in the first quarter valued at $36,000. Jump Financial LLC acquired a new stake in Ardelyx in the 4th quarter valued at about $63,000. Newbridge Financial Services Group Inc. bought a new position in Ardelyx during the first quarter worth about $64,000. Vontobel Holding Ltd. acquired a new position in Ardelyx during the fourth quarter worth approximately $74,000. Finally, Paloma Partners Management Co acquired a new position in Ardelyx during the first quarter worth approximately $86,000. Institutional investors own 58.92% of the company’s stock.

Ardelyx Stock Performance

Shares of ARDX traded down $0.06 during mid-day trading on Monday, hitting $5.56. 2,599,064 shares of the company’s stock were exchanged, compared to its average volume of 5,593,342. The company has a quick ratio of 4.36, a current ratio of 4.53 and a debt-to-equity ratio of 0.66. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of -19.86 and a beta of 0.83. Ardelyx, Inc. has a 52 week low of $3.16 and a 52 week high of $10.13. The stock’s 50-day simple moving average is $6.25 and its 200-day simple moving average is $7.49.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings data on Thursday, May 2nd. The biopharmaceutical company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.02. Ardelyx had a negative return on equity of 41.65% and a negative net margin of 41.36%. The company had revenue of $46.00 million during the quarter, compared to the consensus estimate of $36.40 million. During the same quarter in the prior year, the firm posted ($0.13) earnings per share. The firm’s revenue was up 303.5% compared to the same quarter last year. On average, equities research analysts expect that Ardelyx, Inc. will post -0.34 EPS for the current year.

Insider Transactions at Ardelyx

In other Ardelyx news, insider Laura A. Williams sold 39,949 shares of Ardelyx stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $8.35, for a total transaction of $333,574.15. Following the transaction, the insider now directly owns 370,189 shares of the company’s stock, valued at approximately $3,091,078.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Ardelyx news, insider Laura A. Williams sold 39,949 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $8.35, for a total transaction of $333,574.15. Following the completion of the transaction, the insider now owns 370,189 shares in the company, valued at approximately $3,091,078.15. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Michael Raab sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $5.97, for a total transaction of $44,775.00. Following the completion of the transaction, the chief executive officer now owns 1,260,463 shares in the company, valued at approximately $7,524,964.11. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 504,119 shares of company stock worth $3,917,050. Company insiders own 5.50% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Citigroup reduced their target price on Ardelyx from $14.00 to $10.00 and set a “buy” rating for the company in a research note on Wednesday, July 3rd. Leerink Partnrs reiterated an “outperform” rating on shares of Ardelyx in a report on Friday, April 5th. HC Wainwright restated a “buy” rating and set a $10.00 target price on shares of Ardelyx in a research note on Thursday, July 18th. Piper Sandler downgraded shares of Ardelyx from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $15.00 to $7.00 in a report on Tuesday, July 2nd. Finally, StockNews.com cut shares of Ardelyx from a “hold” rating to a “sell” rating in a report on Friday, June 28th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $10.69.

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.