B. Riley Wealth Advisors Inc. Makes New Investment in Ardelyx, Inc. (NASDAQ:ARDX)

B. Riley Wealth Advisors Inc. purchased a new position in shares of Ardelyx, Inc. (NASDAQ:ARDX) in the second quarter, according to its most recent filing with the SEC. The firm purchased 87,000 shares of the biopharmaceutical company’s stock, valued at approximately $645,000.

A number of other large investors have also recently bought and sold shares of ARDX. Nisa Investment Advisors LLC grew its holdings in Ardelyx by 1,026.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock worth $26,000 after acquiring an additional 3,233 shares during the period. HighMark Wealth Management LLC acquired a new stake in Ardelyx during the 1st quarter worth about $36,000. Redwood Wealth Management Group LLC acquired a new stake in Ardelyx during the 2nd quarter worth about $62,000. Coastal Bridge Advisors LLC acquired a new stake in Ardelyx during the 2nd quarter worth about $74,000. Finally, Paloma Partners Management Co bought a new position in shares of Ardelyx during the 1st quarter worth about $86,000. 58.92% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Ardelyx news, insider David P. Rosenbaum sold 49,564 shares of Ardelyx stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $6.92, for a total transaction of $342,982.88. Following the transaction, the insider now owns 301,946 shares of the company’s stock, valued at $2,089,466.32. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Michael Raab sold 7,500 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $5.97, for a total transaction of $44,775.00. Following the completion of the sale, the chief executive officer now owns 1,260,463 shares in the company, valued at $7,524,964.11. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider David P. Rosenbaum sold 49,564 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $6.92, for a total transaction of $342,982.88. Following the sale, the insider now owns 301,946 shares of the company’s stock, valued at approximately $2,089,466.32. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 217,126 shares of company stock valued at $1,320,113 in the last 90 days. 5.50% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ARDX shares. Wedbush reissued an “outperform” rating and set a $11.00 price objective on shares of Ardelyx in a research report on Friday, August 2nd. Piper Sandler cut shares of Ardelyx from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $15.00 to $7.00 in a research report on Tuesday, July 2nd. HC Wainwright increased their price objective on shares of Ardelyx from $10.00 to $11.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. StockNews.com raised shares of Ardelyx from a “sell” rating to a “hold” rating in a research report on Wednesday, July 31st. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Ardelyx in a research report on Thursday, June 20th. 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, Ardelyx presently has an average rating of “Moderate Buy” and a consensus price target of $11.67.

Ardelyx Price Performance

Shares of NASDAQ ARDX opened at $6.82 on Friday. Ardelyx, Inc. has a fifty-two week low of $3.16 and a fifty-two week high of $10.13. The firm’s 50-day simple moving average is $6.05 and its 200 day simple moving average is $6.52. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.99 and a current ratio of 4.21. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of -24.36 and a beta of 0.90.

Ardelyx (NASDAQ:ARDX) last posted its earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) EPS for the quarter, topping the consensus estimate 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 quarter last year, the firm earned ($0.08) EPS. The company’s quarterly revenue was up 228.3% compared to the same quarter last year. As a group, research analysts anticipate that Ardelyx, Inc. will post -0.26 earnings per share for the current fiscal year.

Ardelyx 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.