Allspring Global Investments Holdings LLC Sells 19,212 Shares of Ardelyx, Inc. (NASDAQ:ARDX)

Allspring Global Investments Holdings LLC reduced its stake in Ardelyx, Inc. (NASDAQ:ARDX) by 29.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 45,605 shares of the biopharmaceutical company’s stock after selling 19,212 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Ardelyx were worth $314,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. World Equity Group Inc. raised its holdings in Ardelyx by 15.4% in the 2nd quarter. World Equity Group Inc. now owns 18,402 shares of the biopharmaceutical company’s stock worth $136,000 after purchasing an additional 2,453 shares during the period. 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 during the period. ProShare Advisors LLC raised its holdings in Ardelyx by 8.9% in the 1st quarter. ProShare Advisors LLC now owns 57,729 shares of the biopharmaceutical company’s stock worth $421,000 after purchasing an additional 4,735 shares during the period. Redwood Wealth Management Group LLC bought a new position in Ardelyx in the 2nd quarter worth $62,000. Finally, CWM LLC raised its holdings in Ardelyx by 328.1% in the 3rd quarter. CWM LLC now owns 12,814 shares of the biopharmaceutical company’s stock worth $88,000 after purchasing an additional 9,821 shares during the period. 58.92% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on ARDX shares. Wedbush reissued an “outperform” rating and set a $11.00 price target on shares of Ardelyx in a report on Friday, August 2nd. HC Wainwright reissued a “buy” rating and set a $11.00 price target on shares of Ardelyx in a report on Friday. Citigroup raised their price target on Ardelyx from $10.00 to $12.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, StockNews.com raised Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $11.67.

Insider Activity

In other news, CEO Michael Raab sold 32,225 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $5.86, for a total transaction of $188,838.50. Following the completion of the transaction, the chief executive officer now owns 1,227,009 shares in the company, valued at $7,190,272.74. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Michael Raab sold 32,225 shares of Ardelyx stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $5.86, for a total value of $188,838.50. Following the completion of the transaction, the chief executive officer now owns 1,227,009 shares in the company, valued at approximately $7,190,272.74. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider David P. Rosenbaum sold 49,564 shares of Ardelyx stock in a transaction dated 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 of the company’s stock, valued at approximately $2,089,466.32. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 212,126 shares of company stock worth $1,298,963 over the last 90 days. Corporate insiders own 5.90% of the company’s stock.

Ardelyx Trading Up 3.7 %

Shares of Ardelyx stock opened at $6.09 on Friday. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of -22.55 and a beta of 0.90. The business has a 50-day moving average price of $6.07 and a 200-day moving average price of $6.32. The company has a quick ratio of 3.99, a current ratio of 4.21 and a debt-to-equity ratio of 0.68. Ardelyx, Inc. has a twelve month low of $3.43 and a twelve month 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 for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. The firm had revenue of $73.20 million during the quarter, compared to analyst estimates of $55.03 million. Ardelyx had a negative return on equity of 39.73% and a negative net margin of 31.02%. The business’s quarterly revenue was up 228.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.08) earnings per share. Equities research analysts anticipate that Ardelyx, Inc. will post -0.25 EPS for the current fiscal year.

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.