Quarry LP Invests $51,000 in Ardelyx, Inc. (NASDAQ:ARDX)

Quarry LP purchased a new position in Ardelyx, Inc. (NASDAQ:ARDX) during the fourth quarter, HoldingsChannel reports. The firm purchased 10,000 shares of the biopharmaceutical company’s stock, valued at approximately $51,000.

Other institutional investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its stake in Ardelyx by 1.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 387,144 shares of the biopharmaceutical company’s stock worth $2,667,000 after acquiring an additional 6,093 shares in the last quarter. Vanguard Group Inc. grew its stake in Ardelyx by 5.6% in the fourth quarter. Vanguard Group Inc. now owns 14,362,659 shares of the biopharmaceutical company’s stock worth $72,819,000 after purchasing an additional 767,111 shares in the last quarter. Barclays PLC increased its holdings in Ardelyx by 24.9% during the 3rd quarter. Barclays PLC now owns 547,325 shares of the biopharmaceutical company’s stock worth $3,770,000 after purchasing an additional 109,285 shares during the period. Charles Schwab Investment Management Inc. raised its position in Ardelyx by 5.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,035,135 shares of the biopharmaceutical company’s stock valued at $10,318,000 after purchasing an additional 96,357 shares in the last quarter. Finally, Rhumbline Advisers lifted its holdings in shares of Ardelyx by 1.9% in the 4th quarter. Rhumbline Advisers now owns 326,124 shares of the biopharmaceutical company’s stock worth $1,653,000 after buying an additional 6,070 shares during the period. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Ardelyx Stock Performance

Shares of ARDX stock opened at $4.13 on Friday. 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 company has a market cap of $984.41 million, a PE ratio of -25.81 and a beta of 0.76. Ardelyx, Inc. has a 12-month low of $4.02 and a 12-month high of $9.33. The business’s fifty day simple moving average is $5.00 and its 200-day simple moving average is $5.25.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings results on Thursday, May 1st. The biopharmaceutical company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.07). Ardelyx had a negative net margin of 11.73% and a negative return on equity of 24.87%. The business had revenue of $74.11 million during the quarter, compared to analysts’ expectations of $79.40 million. During the same quarter last year, the business posted ($0.11) earnings per share. The company’s quarterly revenue was up 61.1% compared to the same quarter last year. Analysts expect that Ardelyx, Inc. will post -0.18 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on ARDX shares. LADENBURG THALM/SH SH restated a “buy” rating and issued a $11.00 price objective on shares of Ardelyx in a report on Friday, March 7th. Scotiabank started coverage on shares of Ardelyx in a report on Friday, March 7th. They issued a “sector outperform” rating and a $15.00 price target for the company. Raymond James downgraded shares of Ardelyx from a “strong-buy” rating to an “outperform” rating and set a $11.00 price objective on the stock. in a research note on Friday. Piper Sandler raised shares of Ardelyx to a “hold” rating in a research note on Wednesday, March 12th. Finally, Cantor Fitzgerald raised Ardelyx to a “strong-buy” rating in a research report on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $10.39.

Insider Buying and Selling

In related news, CFO Justin A. Renz sold 5,171 shares of the company’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $5.62, for a total value of $29,061.02. Following the transaction, the chief financial officer now directly owns 285,968 shares of the company’s stock, valued at $1,607,140.16. This represents a 1.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Raab sold 41,666 shares of Ardelyx stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $4.59, for a total value of $191,246.94. Following the sale, the chief executive officer now directly owns 1,615,587 shares of the company’s stock, valued at approximately $7,415,544.33. This represents a 2.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 116,410 shares of company stock worth $600,475 in the last three months. Corporate insiders own 5.90% of the company’s stock.

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.