Vestal Point Capital LP Acquires Shares of 500,000 Ardelyx, Inc. (NASDAQ:ARDX)

Vestal Point Capital LP purchased a new stake in shares of Ardelyx, Inc. (NASDAQ:ARDX) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 500,000 shares of the biopharmaceutical company’s stock, valued at approximately $3,445,000. Vestal Point Capital LP owned 0.21% of Ardelyx at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ARDX. Nisa Investment Advisors LLC raised its holdings in Ardelyx by 1,026.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock worth $26,000 after purchasing an additional 3,233 shares in the last quarter. Redwood Wealth Management Group LLC purchased a new position in shares of Ardelyx during the second quarter valued at about $62,000. Coastal Bridge Advisors LLC bought a new position in Ardelyx in the second quarter worth about $74,000. Helen Stephens Group LLC purchased a new stake in Ardelyx in the third quarter worth about $76,000. Finally, CWM LLC boosted its position in Ardelyx by 328.1% during the 3rd quarter. CWM LLC now owns 12,814 shares of the biopharmaceutical company’s stock valued at $88,000 after acquiring an additional 9,821 shares in the last quarter. Institutional investors own 58.92% of the company’s stock.

Ardelyx Price Performance

Ardelyx stock opened at $5.69 on Friday. Ardelyx, Inc. has a 12 month low of $4.06 and a 12 month high of $10.13. The business’s fifty day simple moving average is $5.79 and its two-hundred day simple moving average is $6.08. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.03 and a quick ratio of 3.87.

Insider Transactions at Ardelyx

In other news, insider David P. Rosenbaum sold 49,564 shares of the business’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $6.92, for a total value of $342,982.88. Following the completion of the transaction, the insider now owns 301,946 shares in the company, valued at $2,089,466.32. The trade was a 14.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Raab sold 25,000 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $5.38, for a total value of $134,500.00. Following the transaction, the chief executive officer now directly owns 1,150,385 shares in the company, valued at approximately $6,189,071.30. The trade was a 2.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 252,068 shares of company stock valued at $1,472,641 in the last quarter. 5.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

ARDX has been the subject of a number of research analyst reports. Wedbush restated an “outperform” rating and issued a $11.00 target price on shares of Ardelyx in a research note on Friday, August 2nd. HC Wainwright downgraded Ardelyx from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $11.00 to $5.50 in a report on Monday, November 11th. Finally, Citigroup dropped their target price on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Ardelyx currently has a consensus rating of “Moderate Buy” and an average price target of $10.42.

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.