Ardelyx, Inc. (NASDAQ:ARDX) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. reduced its stake in shares of Ardelyx, Inc. (NASDAQ:ARDX) by 53.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,089 shares of the biopharmaceutical company’s stock after selling 33,093 shares during the period. Victory Capital Management Inc.’s holdings in Ardelyx were worth $216,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ARDX. Nisa Investment Advisors LLC increased its position in Ardelyx by 1,026.3% during the second quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock worth $26,000 after buying an additional 3,233 shares in the last quarter. HighMark Wealth Management LLC purchased a new position in Ardelyx in the 1st quarter valued at about $36,000. Jump Financial LLC acquired a new stake in shares of Ardelyx during the 4th quarter worth about $63,000. Paloma Partners Management Co purchased a new stake in shares of Ardelyx during the first quarter worth about $86,000. Finally, World Equity Group Inc. raised its position in shares of Ardelyx by 15.4% in the second quarter. World Equity Group Inc. now owns 18,402 shares of the biopharmaceutical company’s stock valued at $136,000 after buying an additional 2,453 shares during the last quarter. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Insider Buying and Selling

In other Ardelyx news, insider David P. Rosenbaum sold 20,507 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $6.00, for a total value of $123,042.00. Following the transaction, the insider now directly owns 158,502 shares of the company’s stock, valued at $951,012. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Ardelyx news, insider David P. Rosenbaum sold 20,507 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $6.00, for a total value of $123,042.00. Following the completion of the transaction, the insider now owns 158,502 shares in the company, valued at approximately $951,012. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider David P. Rosenbaum sold 20,000 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $5.94, for a total transaction of $118,800.00. Following the completion of the sale, the insider now directly owns 356,479 shares of the company’s stock, valued at approximately $2,117,485.26. The disclosure for this sale can be found here. In the last three months, insiders sold 166,872 shares of company stock valued at $974,143. Company insiders own 5.50% of the company’s stock.

Ardelyx Stock Performance

NASDAQ ARDX opened at $5.92 on Tuesday. The company has a debt-to-equity ratio of 0.68, a current ratio of 4.21 and a quick ratio of 3.99. Ardelyx, Inc. has a 1-year low of $3.16 and a 1-year high of $10.13. The firm has a market capitalization of $1.38 billion, a P/E ratio of -21.14 and a beta of 0.90. The business’s 50-day simple moving average is $5.88 and its 200-day simple moving average is $6.62.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, beating 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 analysts’ expectations of $55.03 million. During the same period in the previous year, the company posted ($0.08) earnings per share. Ardelyx’s revenue was up 228.3% compared to the same quarter last year. Equities analysts predict that Ardelyx, Inc. will post -0.26 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ARDX. Piper Sandler downgraded Ardelyx from an “overweight” rating to a “neutral” rating and cut their price target for the company from $15.00 to $7.00 in a report on Tuesday, July 2nd. Citigroup raised their price target on Ardelyx from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. HC Wainwright lifted their price target on Ardelyx from $10.00 to $11.00 and gave the company a “buy” rating in a report on Monday, August 5th. Wedbush reiterated an “outperform” rating and set a $11.00 price objective on shares of Ardelyx in a report on Friday, August 2nd. Finally, StockNews.com upgraded shares of Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $11.67.

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.