Principal Financial Group Inc. Has $933,000 Stock Holdings in Ardelyx, Inc. (NASDAQ:ARDX)

Principal Financial Group Inc. decreased its position in Ardelyx, Inc. (NASDAQ:ARDX - Free Report) by 71.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 135,439 shares of the biopharmaceutical company's stock after selling 336,014 shares during the quarter. Principal Financial Group Inc. owned 0.06% of Ardelyx worth $933,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in ARDX. State Street Corp increased its stake in shares of Ardelyx by 1.5% during the third quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company's stock valued at $83,657,000 after purchasing an additional 176,789 shares in the last quarter. Eventide Asset Management LLC raised its holdings in Ardelyx by 11.2% during the third quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company's stock valued at $51,076,000 after acquiring an additional 746,067 shares during the period. Geode Capital Management LLC increased its holdings in Ardelyx by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 5,487,742 shares of the biopharmaceutical company's stock valued at $37,818,000 after acquiring an additional 17,296 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Ardelyx by 142.8% during the 2nd 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. Finally, Rubric Capital Management LP grew its position in Ardelyx by 68.5% in the third quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company's stock worth $21,085,000 after acquiring an additional 1,243,606 shares in the last quarter. 58.92% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ARDX has been the topic of a number of research reports. Jefferies Financial Group cut their target price on shares of Ardelyx from $11.00 to $8.00 and set a "buy" rating on the stock in a research report on Thursday. Citigroup cut their target price on Ardelyx from $12.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, November 4th. Finally, HC Wainwright lowered shares of Ardelyx from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $11.00 to $5.50 in a report on Monday, November 11th. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Ardelyx currently has an average rating of "Moderate Buy" and a consensus price target of $10.07.

Insider Activity

In related news, insider Laura A. Williams sold 7,366 shares of the company's stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $4.79, for a total transaction of $35,283.14. Following the transaction, the insider now owns 308,745 shares in the company, valued at $1,478,888.55. This represents a 2.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Raab sold 25,000 shares of the company's stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $5.91, for a total transaction of $147,750.00. Following the completion of the sale, the chief executive officer now directly owns 1,210,108 shares of the company's stock, valued at $7,151,738.28. The trade was a 2.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 184,192 shares of company stock worth $1,013,345 over the last 90 days. 5.90% of the stock is owned by company insiders.

Ardelyx Stock Performance

Shares of NASDAQ ARDX traded down $0.15 during midday trading on Friday, hitting $4.97. 3,822,072 shares of the company's stock were exchanged, compared to its average volume of 4,325,086. Ardelyx, Inc. has a twelve month low of $4.32 and a twelve month high of $10.13. The firm has a market cap of $1.18 billion, a P/E ratio of -16.57 and a beta of 0.85. The stock's 50 day moving average price is $5.27 and its 200-day moving average price is $5.72. 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 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.