Newbridge Financial Services Group Inc. Invests $35,000 in Ardelyx, Inc. (NASDAQ:ARDX)

Newbridge Financial Services Group Inc. acquired a new position in Ardelyx, Inc. (NASDAQ:ARDX) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 7,000 shares of the biopharmaceutical company’s stock, valued at approximately $35,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of ARDX. State Street Corp increased its stake in Ardelyx by 1.5% in the 3rd quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company’s stock worth $83,657,000 after buying an additional 176,789 shares in the last quarter. Eventide Asset Management LLC increased its stake in Ardelyx by 11.2% in the 3rd quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company’s stock worth $51,076,000 after buying an additional 746,067 shares in the last quarter. Geode Capital Management LLC increased its stake in Ardelyx by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 5,487,742 shares of the biopharmaceutical company’s stock worth $37,818,000 after buying an additional 17,296 shares in the last quarter. Rubric Capital Management LP increased its stake in Ardelyx by 68.5% in the 3rd quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company’s stock worth $21,085,000 after buying an additional 1,243,606 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Ardelyx by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,938,778 shares of the biopharmaceutical company’s stock worth $13,358,000 after buying an additional 40,702 shares in the last quarter. 58.92% of the stock is currently owned by hedge funds and other institutional investors.

Ardelyx Trading Down 0.9 %

Shares of Ardelyx stock opened at $5.52 on Wednesday. The firm has a market cap of $1.31 billion, a price-to-earnings ratio of -18.40 and a beta of 0.85. The business has a 50-day moving average price of $5.23 and a 200-day moving average price of $5.63. The company has a quick ratio of 3.87, a current ratio of 4.03 and a debt-to-equity ratio of 0.64. Ardelyx, Inc. has a twelve month low of $4.32 and a twelve month high of $10.13.

Insider Activity at Ardelyx

In related news, CEO Michael Raab sold 41,666 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $5.36, for a total value of $223,329.76. Following the completion of the transaction, the chief executive officer now owns 1,108,719 shares of the company’s stock, valued at approximately $5,942,733.84. This trade represents a 3.62 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Justin A. Renz sold 5,260 shares of the stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $4.79, for a total transaction of $25,195.40. Following the completion of the transaction, the chief financial officer now directly owns 291,139 shares of the company’s stock, valued at approximately $1,394,555.81. The trade was a 1.77 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 177,938 shares of company stock valued at $924,239. Insiders own 5.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ARDX shares. Jefferies Financial Group cut their price target on Ardelyx from $11.00 to $8.00 and set a “buy” rating for the company in a research note on Thursday, January 2nd. Citigroup cut their price target on Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Cantor Fitzgerald upgraded Ardelyx to a “strong-buy” rating in a research note on Thursday, January 30th. Piper Sandler raised their price objective on Ardelyx from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Monday, January 27th. Finally, HC Wainwright restated a “neutral” rating and set a $5.50 price objective on shares of Ardelyx in a research report on Thursday, January 16th. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Ardelyx has an average rating of “Moderate Buy” and a consensus target price of $9.42.

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.