Propel Bio Management LLC boosted its stake in shares of Ardelyx, Inc. (NASDAQ:ARDX - Free Report) by 15.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,070,947 shares of the biopharmaceutical company's stock after purchasing an additional 146,364 shares during the quarter. Ardelyx comprises 4.3% of Propel Bio Management LLC's holdings, making the stock its 9th largest holding. Propel Bio Management LLC owned 0.45% of Ardelyx worth $7,379,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC grew its position in Ardelyx by 1,026.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company's stock worth $26,000 after purchasing an additional 3,233 shares during the last quarter. Redwood Wealth Management Group LLC purchased a new stake in shares of Ardelyx during the second quarter valued at $62,000. Coastal Bridge Advisors LLC purchased a new stake in shares of Ardelyx during the second quarter valued at $74,000. Helen Stephens Group LLC purchased a new stake in shares of Ardelyx during the third quarter valued at $76,000. Finally, CWM LLC grew its holdings in shares of Ardelyx by 328.1% during the third quarter. CWM LLC now owns 12,814 shares of the biopharmaceutical company's stock valued at $88,000 after buying an additional 9,821 shares during the last quarter. Institutional investors own 58.92% of the company's stock.
Insider Activity at Ardelyx
In other news, CEO Michael Raab sold 35,000 shares of the company'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 of the company's stock, valued at $6,847,610.88. This represents a 2.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Justin A. Renz sold 5,260 shares of the firm'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 sale, the chief financial officer now directly owns 291,139 shares of the company's stock, valued at $1,394,555.81. The trade was a 1.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 227,068 shares of company stock valued at $1,338,141. Corporate insiders own 5.90% of the company's stock.
Analyst Upgrades and Downgrades
ARDX has been the topic of a number of research analyst reports. Wedbush reissued an "outperform" rating and set a $11.00 price objective on shares of Ardelyx in a report on Friday, August 2nd. Citigroup decreased their target price on shares of Ardelyx from $12.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, November 4th. StockNews.com upgraded shares of Ardelyx from a "sell" rating to a "hold" rating in a research report on Wednesday, July 31st. Finally, HC Wainwright downgraded shares of Ardelyx from a "buy" rating to a "neutral" rating and decreased their target price for the company from $11.00 to $5.50 in a research report on Monday, November 11th. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $10.42.
Read Our Latest Report on ARDX
Ardelyx Price Performance
Shares of ARDX stock traded up $0.10 on Tuesday, reaching $5.35. 3,036,899 shares of the company were exchanged, compared to its average volume of 4,953,331. The company has a market cap of $1.27 billion, a price-to-earnings ratio of -17.67 and a beta of 0.92. The business has a 50-day moving average price of $5.82 and a 200 day moving average price of $6.10. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.87 and a current ratio of 4.03. Ardelyx, Inc. has a 1 year low of $4.06 and a 1 year high of $10.13.
About Ardelyx
(
Free Report)
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.
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