Ardelyx, Inc. (NASDAQ:ARDX) Shares Sold by Fmr LLC

Fmr LLC lowered its holdings in Ardelyx, Inc. (NASDAQ:ARDX) by 60.8% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 21,110 shares of the biopharmaceutical company’s stock after selling 32,686 shares during the period. Fmr LLC’s holdings in Ardelyx were worth $145,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Millennium Management LLC increased its position in Ardelyx by 142.8% during the second quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock worth $23,735,000 after buying an additional 1,883,995 shares in the last quarter. B. Riley Wealth Advisors Inc. acquired a new position in Ardelyx in the second quarter worth approximately $645,000. Simplify Asset Management Inc. grew its position in shares of Ardelyx by 70.9% in the second quarter. Simplify Asset Management Inc. now owns 598,000 shares of the biopharmaceutical company’s stock valued at $4,431,000 after purchasing an additional 248,000 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Ardelyx by 283.9% in the 2nd quarter. Principal Financial Group Inc. now owns 471,453 shares of the biopharmaceutical company’s stock valued at $3,493,000 after buying an additional 348,642 shares during the period. Finally, Squarepoint Ops LLC raised its position in Ardelyx by 375.9% in the 2nd quarter. Squarepoint Ops LLC now owns 460,689 shares of the biopharmaceutical company’s stock valued at $3,414,000 after purchasing an additional 363,894 shares during the last quarter. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Ardelyx Price Performance

Shares of NASDAQ:ARDX opened at $4.82 on Monday. Ardelyx, Inc. has a fifty-two week low of $4.32 and a fifty-two week high of $10.13. The business has a 50-day simple moving average of $5.45 and a two-hundred day simple moving average of $5.83. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.87 and a current ratio of 4.03. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of -16.07 and a beta of 0.83.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ARDX. HC Wainwright cut shares of Ardelyx from a “buy” rating to a “neutral” rating and decreased their target price for the company from $11.00 to $5.50 in a research note on Monday, November 11th. Citigroup dropped their target price on Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Ardelyx currently has a consensus rating of “Moderate Buy” and an average price target of $10.42.

Insider Activity at Ardelyx

In other news, insider David P. Rosenbaum sold 49,564 shares of the stock in a transaction 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 transaction, the insider now owns 301,946 shares of the company’s stock, valued at approximately $2,089,466.32. This represents a 14.10 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Raab sold 31,980 shares of the stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $4.79, for a total value of $153,184.20. Following the sale, the chief executive officer now directly owns 1,175,385 shares in the company, valued at $5,630,094.15. This trade represents a 2.65 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 236,756 shares of company stock worth $1,374,538. 5.90% of the stock is owned by corporate 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.