Redmile Group LLC Cuts Stock Holdings in Ardelyx, Inc. (NASDAQ:ARDX)

Redmile Group LLC reduced its position in shares of Ardelyx, Inc. (NASDAQ:ARDX) by 11.7% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,660,763 shares of the biopharmaceutical company’s stock after selling 220,738 shares during the period. Redmile Group LLC owned approximately 0.70% of Ardelyx worth $11,443,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Parallax Volatility Advisers L.P. acquired a new position in Ardelyx during the third quarter worth about $506,000. Eventide Asset Management LLC grew its position 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 worth $51,076,000 after buying an additional 746,067 shares during the period. Vestal Point Capital LP acquired a new position in Ardelyx during the third quarter worth about $3,445,000. Rubric Capital Management LP grew its position in Ardelyx by 68.5% during the third quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company’s stock worth $21,085,000 after buying an additional 1,243,606 shares during the period. Finally, BNP Paribas Financial Markets grew its position in Ardelyx by 274.3% during the third quarter. BNP Paribas Financial Markets now owns 181,387 shares of the biopharmaceutical company’s stock worth $1,250,000 after buying an additional 132,928 shares during the period. 58.92% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Michael Raab sold 35,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $5.61, for a total transaction of $196,350.00. Following the sale, the chief executive officer now owns 1,220,608 shares in the company, valued at approximately $6,847,610.88. This trade represents a 2.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David P. Rosenbaum sold 5,312 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 153,616 shares in the company, valued at approximately $961,636.16. This trade represents a 3.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 252,068 shares of company stock worth $1,472,641 over the last ninety days. 5.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ARDX. HC Wainwright lowered shares of Ardelyx from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $11.00 to $5.50 in a research report on Monday, November 11th. Citigroup lowered their target price on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. 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 stock. According to data from MarketBeat, Ardelyx has an average rating of “Moderate Buy” and an average target price of $10.42.

Ardelyx Stock Up 1.5 %

ARDX stock opened at $5.58 on Thursday. The company’s 50 day simple moving average is $5.76 and its 200-day simple moving average is $6.00. The firm has a market capitalization of $1.32 billion, a PE ratio of -18.60 and a beta of 0.83. Ardelyx, Inc. has a 12 month low of $4.34 and a 12 month high of $10.13. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.03 and a quick ratio of 3.87.

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.