Seven Eight Capital LP Trims Stock Holdings in Ardelyx, Inc. (NASDAQ:ARDX)

Seven Eight Capital LP lowered its holdings in shares of Ardelyx, Inc. (NASDAQ:ARDX) by 34.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 245,932 shares of the biopharmaceutical company’s stock after selling 128,219 shares during the quarter. Seven Eight Capital LP owned 0.11% of Ardelyx worth $1,822,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of ARDX. Eventide Asset Management LLC increased its stake in Ardelyx by 152.5% in the 4th quarter. Eventide Asset Management LLC now owns 6,805,494 shares of the biopharmaceutical company’s stock worth $42,194,000 after buying an additional 4,110,494 shares during the period. Redmile Group LLC bought a new position in Ardelyx in the 1st quarter worth about $16,020,000. Price T Rowe Associates Inc. MD increased its position in shares of Ardelyx by 68.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,913,863 shares of the biopharmaceutical company’s stock worth $28,572,000 after acquiring an additional 1,584,597 shares during the period. Rubric Capital Management LP increased its position in shares of Ardelyx by 60.5% during the fourth quarter. Rubric Capital Management LP now owns 4,012,753 shares of the biopharmaceutical company’s stock worth $24,879,000 after acquiring an additional 1,512,753 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in shares of Ardelyx by 156.8% during the fourth quarter. BNP Paribas Financial Markets now owns 644,975 shares of the biopharmaceutical company’s stock valued at $3,999,000 after acquiring an additional 393,801 shares in the last quarter. Institutional investors own 58.92% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on ARDX shares. HC Wainwright raised their price objective on Ardelyx from $10.00 to $11.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Citigroup raised their price target on Ardelyx from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Ardelyx in a research note on Thursday, June 20th. Wedbush reissued an “outperform” rating and set a $11.00 target price on shares of Ardelyx in a research report on Friday, August 2nd. Finally, StockNews.com raised shares of Ardelyx from a “sell” rating to a “hold” rating in a research report on Wednesday, July 31st. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $11.67.

Ardelyx Price Performance

ARDX opened at $5.90 on Thursday. The firm has a market capitalization of $1.37 billion, a PE ratio of -21.07 and a beta of 0.90. The company has a debt-to-equity ratio of 0.68, a current ratio of 4.21 and a quick ratio of 3.99. The business’s 50-day moving average is $5.88 and its two-hundred day moving average is $6.70. Ardelyx, Inc. has a 1 year low of $3.16 and a 1 year high of $10.13.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings data on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. Ardelyx had a negative net margin of 31.02% and a negative return on equity of 39.73%. The firm had revenue of $73.20 million for the quarter, compared to the consensus estimate of $55.03 million. During the same quarter in the previous year, the firm earned ($0.08) EPS. The company’s quarterly revenue was up 228.3% compared to the same quarter last year. Research analysts anticipate that Ardelyx, Inc. will post -0.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider David P. Rosenbaum sold 5,312 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.26, for a total transaction of $33,253.12. Following the completion of the sale, the insider now owns 153,616 shares in the company, valued at approximately $961,636.16. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider David P. Rosenbaum sold 5,312 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $6.26, for a total transaction of $33,253.12. Following the sale, the insider now owns 153,616 shares in the company, valued at $961,636.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robert Blanks sold 38,000 shares of the stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $5.96, for a total transaction of $226,480.00. Following the completion of the transaction, the insider now directly owns 324,331 shares of the company’s stock, valued at $1,933,012.76. The disclosure for this sale can be found here. Over the last three months, insiders have sold 204,872 shares of company stock valued at $1,200,623. 5.50% of the stock is currently owned by insiders.

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.