Rubric Capital Management LP Raises Stock Holdings in Ardelyx, Inc. (NASDAQ:ARDX)

Rubric Capital Management LP raised its stake in shares of Ardelyx, Inc. (NASDAQ:ARDX - Free Report) by 68.5% 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 3,060,191 shares of the biopharmaceutical company's stock after purchasing an additional 1,243,606 shares during the period. Rubric Capital Management LP owned 1.29% of Ardelyx worth $21,085,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ARDX. Vanguard Group Inc. grew its stake in shares of Ardelyx by 2.8% during the first quarter. Vanguard Group Inc. now owns 13,391,855 shares of the biopharmaceutical company's stock valued at $97,761,000 after buying an additional 365,809 shares during the last quarter. Clay Northam Wealth Management LLC grew its stake in Ardelyx by 154.7% in the second quarter. Clay Northam Wealth Management LLC now owns 232,377 shares of the biopharmaceutical company's stock worth $1,722,000 after purchasing an additional 141,145 shares in the last quarter. SG Americas Securities LLC grew its stake in Ardelyx by 283.2% in the second quarter. SG Americas Securities LLC now owns 91,672 shares of the biopharmaceutical company's stock worth $679,000 after purchasing an additional 67,750 shares in the last quarter. Millennium Management LLC grew its stake in Ardelyx by 142.8% in 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. Finally, Castleark Management LLC bought a new position in Ardelyx in the first quarter worth approximately $1,571,000. 58.92% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Wedbush reissued an "outperform" rating and issued a $11.00 price objective on shares of Ardelyx in a research note on Friday, August 2nd. Citigroup dropped their target price on Ardelyx from $12.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday, November 4th. StockNews.com raised Ardelyx from a "sell" rating to a "hold" rating in a research report on Wednesday, July 31st. Finally, HC Wainwright cut Ardelyx from a "buy" rating to a "neutral" rating and dropped their target price for the company from $11.00 to $5.50 in a research report on Monday, November 11th. Three equities 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, Ardelyx presently has an average rating of "Moderate Buy" and an average price target of $10.42.

Ardelyx Stock Up 6.4 %

Shares of ARDX traded up $0.34 during midday trading on Wednesday, hitting $5.69. 3,874,331 shares of the company's stock traded hands, compared to its average volume of 4,948,680. Ardelyx, Inc. has a 1 year low of $4.06 and a 1 year high of $10.13. The firm's fifty day moving average is $5.80 and its 200-day moving average is $6.08. The company has a current ratio of 4.03, a quick ratio of 3.87 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of -17.83 and a beta of 0.92.

Insider Activity

In related news, CFO Justin A. Renz sold 5,260 shares of the firm's stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $4.79, for a total value of $25,195.40. Following the completion of the transaction, the chief financial officer now owns 291,139 shares in the company, valued at $1,394,555.81. This trade represents a 1.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael Raab sold 35,000 shares of the firm'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 completion of the transaction, the chief executive officer now owns 1,220,608 shares of the company's stock, valued at $6,847,610.88. This trade represents a 2.79 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 227,068 shares of company stock worth $1,338,141. Insiders own 5.90% of the company's stock.

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.