Clay Northam Wealth Management LLC purchased a new stake in shares of Ardelyx, Inc. (NASDAQ:ARDX – Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 334,115 shares of the biopharmaceutical company’s stock, valued at approximately $1,704,000. Ardelyx makes up about 0.8% of Clay Northam Wealth Management LLC’s investment portfolio, making the stock its 21st largest position. Clay Northam Wealth Management LLC owned 0.13% of Ardelyx as of its most recent SEC filing.
Several other institutional investors have also recently bought and sold shares of ARDX. First Horizon Corp increased its stake in shares of Ardelyx by 120.4% in the fourth quarter. First Horizon Corp now owns 7,906 shares of the biopharmaceutical company’s stock valued at $46,000 after buying an additional 4,319 shares in the last quarter. SCS Capital Management LLC acquired a new position in Ardelyx during the 2nd quarter worth about $52,000. State of Wyoming acquired a new position in Ardelyx during the 2nd quarter worth about $61,000. PVG Asset Management Corp bought a new stake in Ardelyx during the 1st quarter worth about $65,000. Finally, Osaic Holdings Inc. grew its holdings in Ardelyx by 28.2% during the 2nd quarter. Osaic Holdings Inc. now owns 16,854 shares of the biopharmaceutical company’s stock worth $66,000 after acquiring an additional 3,709 shares during the last quarter. Institutional investors own 58.92% of the company’s stock.
Ardelyx Price Performance
Shares of ARDX stock opened at $3.90 on Friday. The stock has a 50-day moving average price of $5.08 and a 200 day moving average price of $5.83. The company has a quick ratio of 3.15, a current ratio of 3.34 and a debt-to-equity ratio of 1.69. The firm has a market cap of $971.84 million, a price-to-earnings ratio of -17.73 and a beta of 0.70. Ardelyx, Inc. has a 12 month low of $3.86 and a 12 month high of $8.40.
Analyst Upgrades and Downgrades
A number of equities analysts have weighed in on the stock. Piper Sandler dropped their target price on shares of Ardelyx from $16.00 to $15.00 and set an “overweight” rating for the company in a research note on Monday. Wedbush reissued an “outperform” rating and set a $9.00 price target on shares of Ardelyx in a research note on Tuesday. HC Wainwright reissued a “buy” rating and issued a $13.00 price target on shares of Ardelyx in a report on Friday, August 7th. Zacks Research lowered shares of Ardelyx from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 22nd. Finally, BTIG Research dropped their price objective on shares of Ardelyx from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $13.90.
Read Our Latest Research Report on Ardelyx
About Ardelyx
Ardelyx, Inc (NASDAQ: ARDX) is a clinical‐stage biopharmaceutical company focused on discovering, developing and commercializing targeted small molecule drugs for cardio‐renal and gastrointestinal diseases. The company’s lead marketed product, tenapanor (sold under the brand name XPHOZAH in the United States), is approved for the treatment of hyperphosphatemia in patients with chronic kidney disease on dialysis. Ardelyx’s proprietary approach targets epithelial transporters in the gastrointestinal tract, offering localized activity with limited systemic exposure.
Beyond tenapanor, Ardelyx’s development pipeline includes treatments designed to address other complications in kidney disease and related metabolic disorders.
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