State Street Corp Acquires 176,789 Shares of Ardelyx, Inc. (NASDAQ:ARDX)

State Street Corp increased its position in shares of Ardelyx, Inc. (NASDAQ:ARDX - Free Report) by 1.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,141,850 shares of the biopharmaceutical company's stock after acquiring an additional 176,789 shares during the period. State Street Corp owned approximately 5.13% of Ardelyx worth $83,657,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Eventide Asset Management LLC raised its position in shares of Ardelyx by 11.2% during the third quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company's stock worth $51,076,000 after purchasing an additional 746,067 shares during the period. Millennium Management LLC increased its position in shares of Ardelyx by 142.8% in the second quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company's stock worth $23,735,000 after acquiring an additional 1,883,995 shares in the last quarter. Rubric Capital Management LP raised its holdings in shares of Ardelyx by 68.5% during the third quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company's stock valued at $21,085,000 after acquiring an additional 1,243,606 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Ardelyx by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,938,778 shares of the biopharmaceutical company's stock valued at $13,358,000 after acquiring an additional 40,702 shares in the last quarter. Finally, Propel Bio Management LLC boosted its stake in Ardelyx by 15.8% in the 3rd quarter. Propel Bio Management LLC now owns 1,070,947 shares of the biopharmaceutical company's stock worth $7,379,000 after purchasing an additional 146,364 shares during the period. 58.92% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider David P. Rosenbaum sold 49,564 shares of the firm's stock in a transaction 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 in the company, valued at approximately $2,089,466.32. This trade represents a 14.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Justin A. Renz sold 5,260 shares of the business's stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $4.79, for a total value of $25,195.40. Following the completion of the sale, the chief financial officer now directly owns 291,139 shares of the company's stock, valued at $1,394,555.81. This represents a 1.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 236,756 shares of company stock worth $1,374,538 in the last three months. 5.90% of the stock is owned by insiders.

Ardelyx Stock Down 13.5 %

ARDX traded down $0.73 during trading on Tuesday, reaching $4.66. 7,409,181 shares of the stock traded hands, compared to its average volume of 4,871,731. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.03 and a quick ratio of 3.87. Ardelyx, Inc. has a fifty-two week low of $4.34 and a fifty-two week high of $10.13. The stock's 50-day simple moving average is $5.55 and its two-hundred day simple moving average is $5.89. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of -16.37 and a beta of 0.83.

Analyst Ratings Changes

ARDX has been the subject of a number of research analyst reports. Citigroup reduced their target price on Ardelyx from $12.00 to $10.00 and set a "buy" rating for the company in a report on Monday, November 4th. HC Wainwright downgraded Ardelyx from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $11.00 to $5.50 in a research note on Monday, November 11th. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $10.42.

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.