Los Angeles Capital Management LLC Has $2.38 Million Stock Holdings in Ardelyx, Inc. (NASDAQ:ARDX)

Los Angeles Capital Management LLC grew its holdings in shares of Ardelyx, Inc. (NASDAQ:ARDX) by 175.5% in the 4th quarter, Holdings Channel.com reports. The fund owned 469,819 shares of the biopharmaceutical company’s stock after purchasing an additional 299,275 shares during the period. Los Angeles Capital Management LLC’s holdings in Ardelyx were worth $2,382,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. State Street Corp increased its holdings in Ardelyx by 1.5% in the third quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company’s stock valued at $83,657,000 after purchasing an additional 176,789 shares during the period. Rubric Capital Management LP grew its position in shares of Ardelyx by 68.5% in the 3rd quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company’s stock valued at $21,085,000 after buying an additional 1,243,606 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of Ardelyx by 274.3% in the third quarter. BNP Paribas Financial Markets now owns 181,387 shares of the biopharmaceutical company’s stock valued at $1,250,000 after buying an additional 132,928 shares during the period. Vestal Point Capital LP bought a new position in shares of Ardelyx during the third quarter worth about $3,445,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of Ardelyx by 1.6% in the third 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 during the period. Institutional investors and hedge funds own 58.92% of the company’s stock.

Insider Buying and Selling

In other news, CEO Michael Raab sold 41,666 shares of the company’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $5.31, for a total value of $221,246.46. Following the completion of the sale, the chief executive officer now owns 1,129,552 shares in the company, valued at $5,997,921.12. This represents a 3.56 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director David M. Mott purchased 77,729 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The shares were purchased at an average cost of $5.00 per share, for a total transaction of $388,645.00. Following the completion of the transaction, the director now directly owns 2,015,494 shares of the company’s stock, valued at $10,077,470. This represents a 4.01 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 490,029 shares of company stock worth $2,377,766 and have sold 141,408 shares worth $761,963. 5.90% of the stock is currently owned by company insiders.

Ardelyx Stock Performance

Shares of Ardelyx stock opened at $5.22 on Friday. The business has a 50-day simple moving average of $5.32 and a 200 day simple moving average of $5.62. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of -32.63 and a beta of 0.85. The company has a debt-to-equity ratio of 0.87, a current ratio of 4.58 and a quick ratio of 4.31. Ardelyx, Inc. has a one year low of $4.32 and a one year high of $9.83.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings data on Thursday, February 20th. The biopharmaceutical company reported $0.02 EPS for the quarter, meeting the consensus estimate of $0.02. The firm had revenue of $116.13 million during the quarter, compared to the consensus estimate of $111.16 million. Ardelyx had a negative return on equity of 24.87% and a negative net margin of 11.73%. On average, research analysts anticipate that Ardelyx, Inc. will post -0.18 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on ARDX shares. HC Wainwright reissued a “neutral” rating and set a $5.50 target price on shares of Ardelyx in a research report on Friday, February 21st. Raymond James reaffirmed a “strong-buy” rating and issued a $13.00 price objective (down from $15.00) on shares of Ardelyx in a research note on Friday, February 21st. Citigroup lowered their target price on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Piper Sandler upped their price target on shares of Ardelyx from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Monday, January 27th. Finally, Jefferies Financial Group lowered their price objective on Ardelyx from $11.00 to $8.00 and set a “buy” rating for the company in a research report on Thursday, January 2nd. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Ardelyx presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.93.

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.