Jones Financial Companies Lllp Acquires 583,550 Shares of Ardelyx, Inc. (NASDAQ:ARDX)

Jones Financial Companies Lllp grew its position in shares of Ardelyx, Inc. (NASDAQ:ARDX - Free Report) by 67.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,452,176 shares of the biopharmaceutical company's stock after purchasing an additional 583,550 shares during the quarter. Jones Financial Companies Lllp owned about 0.61% of Ardelyx worth $7,363,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ARDX. State Street Corp grew its stake in Ardelyx by 1.5% during the third quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company's stock worth $83,657,000 after purchasing an additional 176,789 shares during the period. Eventide Asset Management LLC boosted its holdings in shares of Ardelyx by 11.2% during the 3rd quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company's stock worth $51,076,000 after buying an additional 746,067 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Ardelyx by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 5,487,742 shares of the biopharmaceutical company's stock worth $37,818,000 after buying an additional 17,296 shares during the period. Rubric Capital Management LP increased its stake in shares of Ardelyx by 68.5% in the 3rd 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake 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. Institutional investors and hedge funds own 58.92% of the company's stock.

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Insider Buying and Selling

In related news, insider Laura A. Williams sold 4,941 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $5.62, for a total transaction of $27,768.42. Following the completion of the transaction, the insider now owns 303,804 shares in the company, valued at approximately $1,707,378.48. This represents a 1.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David M. Mott acquired 213,300 shares of the stock in a transaction on Thursday, December 19th. The stock was bought at an average cost of $4.67 per share, for a total transaction of $996,111.00. Following the transaction, the director now owns 1,638,765 shares of the company's stock, valued at approximately $7,653,032.55. This trade represents a 14.96 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 490,029 shares of company stock worth $2,377,766 and have sold 141,408 shares worth $761,963. 5.90% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

ARDX has been the subject of a number of research reports. Cantor Fitzgerald upgraded shares of Ardelyx to a "strong-buy" rating in a report on Tuesday. Piper Sandler raised their target price on Ardelyx from $7.00 to $8.00 and gave the company a "neutral" rating in a research note on Monday, January 27th. Raymond James reaffirmed a "strong-buy" rating and set a $13.00 price target (down from $15.00) on shares of Ardelyx in a research note on Friday, February 21st. HC Wainwright reiterated a "neutral" rating and issued a $5.50 price target on shares of Ardelyx in a report on Friday, February 21st. Finally, Jefferies Financial Group lowered their target price on Ardelyx from $11.00 to $8.00 and set a "buy" rating on the stock in a research report on Thursday, January 2nd. Three equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $10.50.

Ardelyx Stock Down 0.4 %

Ardelyx stock traded down $0.02 during trading on Friday, hitting $5.30. 2,628,298 shares of the company were exchanged, compared to its average volume of 4,168,793. The company has a current ratio of 4.58, a quick ratio of 4.31 and a debt-to-equity ratio of 0.87. The business's 50 day moving average is $5.38 and its 200 day moving average is $5.60. Ardelyx, Inc. has a 52 week low of $4.32 and a 52 week high of $9.33. The company has a market capitalization of $1.26 billion, a P/E ratio of -33.13 and a beta of 0.85.

Ardelyx (NASDAQ:ARDX - Get Free Report) last announced its earnings results on Thursday, February 20th. The biopharmaceutical company reported $0.02 EPS for the quarter, meeting the consensus estimate of $0.02. Ardelyx had a negative net margin of 11.73% and a negative return on equity of 24.87%. The company had revenue of $116.13 million during the quarter, compared to the consensus estimate of $111.16 million. Analysts predict that Ardelyx, Inc. will post -0.18 earnings per share for the current year.

About Ardelyx

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.