BNP Paribas Financial Markets Boosts Position in Ardelyx, Inc. (NASDAQ:ARDX)

BNP Paribas Financial Markets raised its stake in shares of Ardelyx, Inc. (NASDAQ:ARDX - Free Report) by 274.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 181,387 shares of the biopharmaceutical company's stock after purchasing an additional 132,928 shares during the period. BNP Paribas Financial Markets owned 0.08% of Ardelyx worth $1,250,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of ARDX. World Equity Group Inc. raised its position 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 shares of Ardelyx by 1,026.3% in 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 during the period. Aigen Investment Management LP raised its holdings in shares of Ardelyx by 29.4% in the third quarter. Aigen Investment Management LP now owns 23,510 shares of the biopharmaceutical company's stock worth $162,000 after buying an additional 5,346 shares during the period. Values First Advisors Inc. lifted its stake in shares of Ardelyx by 14.6% during the 3rd quarter. Values First Advisors Inc. now owns 46,282 shares of the biopharmaceutical company's stock worth $319,000 after acquiring an additional 5,890 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in Ardelyx by 34.3% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 28,365 shares of the biopharmaceutical company's stock valued at $195,000 after acquiring an additional 7,245 shares during the period. 58.92% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Citigroup decreased 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. HC Wainwright downgraded shares of Ardelyx from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $11.00 to $5.50 in a research note on Monday, November 11th. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $10.42.

Ardelyx Price Performance

NASDAQ:ARDX remained flat at $5.27 during mid-day trading on Tuesday. 2,831,340 shares of the company were exchanged, compared to its average volume of 4,898,949. 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 52 week low of $4.34 and a 52 week high of $10.13. The business's 50-day simple moving average is $5.69 and its two-hundred day simple moving average is $5.94. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of -17.57 and a beta of 0.83.

Insider Activity

In other news, insider Laura A. Williams sold 7,366 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $4.79, for a total transaction of $35,283.14. Following the completion of the sale, the insider now owns 308,745 shares in the company, valued at approximately $1,478,888.55. This represents a 2.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael Raab sold 35,000 shares of the business's stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $5.61, for a total value of $196,350.00. Following the transaction, the chief executive officer now owns 1,220,608 shares in the company, valued at approximately $6,847,610.88. This trade represents a 2.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 252,068 shares of company stock worth $1,472,641. 5.90% of the stock is currently owned by company insiders.

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.