Eventide Asset Management LLC Boosts Stock Holdings in Ardelyx, Inc. (NASDAQ:ARDX)

Eventide Asset Management LLC boosted its stake in shares of Ardelyx, Inc. (NASDAQ:ARDX - Free Report) by 11.2% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 7,413,049 shares of the biopharmaceutical company's stock after acquiring an additional 746,067 shares during the period. Eventide Asset Management LLC owned about 3.13% of Ardelyx worth $51,076,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Millennium Management LLC increased its position in shares of 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 purchasing an additional 1,883,995 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Ardelyx by 68.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,913,863 shares of the biopharmaceutical company's stock worth $28,572,000 after buying an additional 1,584,597 shares in the last quarter. Rubric Capital Management LP raised its position in shares of Ardelyx by 68.5% in 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 buying an additional 1,243,606 shares during the last quarter. Vestal Point Capital LP purchased a new position in shares of Ardelyx in the third quarter worth about $3,445,000. Finally, Vanguard Group Inc. boosted its position in Ardelyx by 2.8% during the first quarter. Vanguard Group Inc. now owns 13,391,855 shares of the biopharmaceutical company's stock worth $97,761,000 after acquiring an additional 365,809 shares during the last quarter. 58.92% of the stock is owned by hedge funds and other institutional investors.

Ardelyx Trading Down 0.4 %

Shares of NASDAQ ARDX traded down $0.02 during mid-day trading on Friday, reaching $5.67. 2,615,720 shares of the company's stock were exchanged, compared to its average volume of 4,938,610. The company's 50-day moving average is $5.78 and its 200-day moving average is $6.05. 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 capitalization of $1.34 billion, a price-to-earnings ratio of -18.90 and a beta of 0.92. Ardelyx, Inc. has a 52-week low of $4.34 and a 52-week high of $10.13.

Insider Buying and Selling at Ardelyx

In other news, insider David P. Rosenbaum sold 5,312 shares of the firm's stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.26, for a total transaction of $33,253.12. Following the completion of the transaction, the insider now directly owns 153,616 shares in the company, valued at $961,636.16. This trade represents a 3.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael Raab sold 35,000 shares of the business's stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $5.61, for a total value of $196,350.00. Following the completion of the sale, the chief executive officer now owns 1,220,608 shares in the company, valued at $6,847,610.88. This represents a 2.79 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 252,068 shares of company stock worth $1,472,641 over the last three months. Insiders own 5.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ARDX shares. Citigroup decreased their target price on shares of Ardelyx from $12.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, November 4th. HC Wainwright lowered Ardelyx from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $11.00 to $5.50 in a research note on Monday, November 11th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $11.00 target price on shares of Ardelyx in a research note on Friday, August 2nd. 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. According to data from MarketBeat.com, Ardelyx 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.