Crestline Management LP Acquires Shares of 12,618 Ardelyx, Inc. (NASDAQ:ARDX)

Crestline Management LP acquired a new stake in Ardelyx, Inc. (NASDAQ:ARDX) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 12,618 shares of the biopharmaceutical company’s stock, valued at approximately $64,000.

A number of other institutional investors also recently bought and sold shares of ARDX. Newbridge Financial Services Group Inc. acquired a new position in shares of Ardelyx during the fourth quarter worth about $35,000. SBI Securities Co. Ltd. acquired a new position in shares of Ardelyx during the fourth quarter worth about $41,000. Quarry LP acquired a new position in shares of Ardelyx during the fourth quarter worth about $51,000. Rehmann Capital Advisory Group acquired a new position in shares of Ardelyx during the fourth quarter worth about $51,000. Finally, Covestor Ltd increased its stake in shares of Ardelyx by 287.0% during the fourth quarter. Covestor Ltd now owns 11,315 shares of the biopharmaceutical company’s stock worth $57,000 after acquiring an additional 8,391 shares during the period. 58.92% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ARDX. Cantor Fitzgerald upgraded shares of Ardelyx to a “strong-buy” rating in a research note on Tuesday, March 4th. BTIG Research began coverage on shares of Ardelyx in a research note on Tuesday, March 4th. They set a “buy” rating and a $14.00 price target on the stock. StockNews.com lowered shares of Ardelyx from a “hold” rating to a “sell” rating in a research note on Monday, May 5th. Piper Sandler upgraded shares of Ardelyx to a “hold” rating in a research report on Wednesday, March 12th. Finally, LADENBURG THALM/SH SH restated a “buy” rating and set a $11.00 target price on shares of Ardelyx in a research report on Friday, March 7th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.39.

Insider Activity

In other news, CEO Michael Raab sold 22,964 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $5.62, for a total value of $129,057.68. Following the sale, the chief executive officer now directly owns 1,085,755 shares in the company, valued at $6,101,943.10. This represents a 2.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Laura A. Williams sold 4,941 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $5.62, for a total transaction of $27,768.42. Following the completion of the sale, the insider now owns 303,804 shares in the company, valued at $1,707,378.48. This represents a 1.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 158,076 shares of company stock worth $777,555 over the last ninety days. 5.90% of the stock is currently owned by insiders.

Ardelyx Trading Down 0.5%

Shares of ARDX opened at $3.62 on Monday. 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 firm’s 50-day moving average is $4.85 and its two-hundred day moving average is $5.17. Ardelyx, Inc. has a twelve month low of $3.50 and a twelve month high of $8.14. The firm has a market capitalization of $866.10 million, a P/E ratio of -22.63 and a beta of 0.76.

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

Ardelyx Company 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.