Lion Point Capital LP Has $1.70 Million Holdings in Ardelyx, Inc. (NASDAQ:ARDX)

Lion Point Capital LP trimmed its holdings in shares of Ardelyx, Inc. (NASDAQ:ARDX) by 9.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 335,400 shares of the biopharmaceutical company’s stock after selling 34,600 shares during the quarter. Ardelyx accounts for 8.9% of Lion Point Capital LP’s holdings, making the stock its 4th biggest position. Lion Point Capital LP owned approximately 0.14% of Ardelyx worth $1,700,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Barclays PLC increased its position 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 buying an additional 109,285 shares during the period. JPMorgan Chase & Co. increased its position 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 purchasing an additional 6,093 shares during the period. Hennion & Walsh Asset Management Inc. increased its position in shares of Ardelyx by 25.5% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 808,392 shares of the biopharmaceutical company’s stock worth $4,099,000 after purchasing an additional 164,480 shares during the period. SG Americas Securities LLC increased its position in shares of Ardelyx by 41.8% in the fourth quarter. SG Americas Securities LLC now owns 54,886 shares of the biopharmaceutical company’s stock worth $278,000 after purchasing an additional 16,182 shares during the period. Finally, Inspire Investing LLC increased its position in shares of Ardelyx by 32.8% in the fourth quarter. Inspire Investing LLC now owns 79,423 shares of the biopharmaceutical company’s stock worth $403,000 after purchasing an additional 19,630 shares during the period. 58.92% of the stock is owned by institutional investors.

Insider Transactions at Ardelyx

In related news, CEO Michael Raab sold 41,668 shares of the company’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $5.36, for a total transaction of $223,340.48. Following the completion of the sale, the chief executive officer now owns 1,635,138 shares in the company, valued at approximately $8,764,339.68. This represents a 2.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director David M. Mott purchased 381,377 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The shares were bought at an average price of $4.22 per share, with a total value of $1,609,410.94. Following the acquisition, the director now directly owns 2,396,871 shares of the company’s stock, valued at $10,114,795.62. This represents a 18.92% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 158,076 shares of company stock valued at $777,555 over the last ninety days. 5.90% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on ARDX shares. Piper Sandler raised Ardelyx to a “hold” rating in a research note on Wednesday, March 12th. Raymond James cut shares of Ardelyx from a “strong-buy” rating to an “outperform” rating and set a $11.00 price target for the company. in a research report on Friday, May 2nd. HC Wainwright restated a “neutral” rating and issued a $5.50 price target on shares of Ardelyx in a research report on Friday, February 21st. BTIG Research initiated coverage on Ardelyx in a research note on Tuesday, March 4th. They issued a “buy” rating and a $14.00 price objective on the stock. Finally, LADENBURG THALM/SH SH reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Ardelyx in a research note on Friday, March 7th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Ardelyx presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.39.

Ardelyx Trading Down 0.5%

Shares of ARDX stock opened at $3.62 on Monday. The company has a market cap of $866.10 million, a P/E ratio of -22.63 and a beta of 0.76. The stock has a 50 day simple moving average of $4.85 and a two-hundred day simple moving average of $5.17. The company has a debt-to-equity ratio of 0.87, a quick ratio of 4.31 and a current ratio of 4.58. Ardelyx, Inc. has a fifty-two week low of $3.50 and a fifty-two week high of $8.14.

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

Ardelyx 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.