Clay Northam Wealth Management LLC Buys Shares of 334,115 Ardelyx, Inc. $ARDX

Clay Northam Wealth Management LLC purchased a new stake in Ardelyx, Inc. (NASDAQ:ARDX) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 334,115 shares of the biopharmaceutical company’s stock, valued at approximately $1,704,000. Ardelyx accounts for 0.8% of Clay Northam Wealth Management LLC’s investment portfolio, making the stock its 21st biggest position.

Several other hedge funds and other institutional investors have also made changes to their positions in ARDX. BlackRock Inc. bought a new stake in Ardelyx in the second quarter valued at about $119,874,000. Vanguard Group Inc. lifted its stake in Ardelyx by 3.3% in the fourth quarter. Vanguard Group Inc. now owns 18,979,483 shares of the biopharmaceutical company’s stock valued at $110,650,000 after buying an additional 610,162 shares during the period. Janus Henderson Group PLC boosted its holdings in Ardelyx by 5.0% during the fourth quarter. Janus Henderson Group PLC now owns 14,514,692 shares of the biopharmaceutical company’s stock worth $84,583,000 after buying an additional 690,599 shares during the last quarter. State Street Corp boosted its holdings in Ardelyx by 22.6% during the fourth quarter. State Street Corp now owns 11,912,339 shares of the biopharmaceutical company’s stock worth $69,449,000 after buying an additional 2,193,649 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Ardelyx by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 5,827,618 shares of the biopharmaceutical company’s stock worth $33,981,000 after buying an additional 70,832 shares during the period. 58.92% of the stock is currently owned by institutional investors.

Ardelyx Stock Down 3.2%

NASDAQ:ARDX opened at $3.90 on Friday. Ardelyx, Inc. has a 1 year low of $3.86 and a 1 year high of $8.40. The company has a current ratio of 3.34, a quick ratio of 3.15 and a debt-to-equity ratio of 1.69. The stock has a market cap of $971.84 million, a price-to-earnings ratio of -17.73 and a beta of 0.70. The stock has a 50-day moving average price of $5.08 and a two-hundred day moving average price of $5.83.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.02). The business had revenue of $120.88 million during the quarter, compared to the consensus estimate of $121.03 million. Ardelyx had a negative return on equity of 36.00% and a negative net margin of 12.35%.The firm’s revenue was up 34.3% compared to the same quarter last year. During the same quarter last year, the company earned ($0.08) earnings per share. As a group, equities analysts expect that Ardelyx, Inc. will post -0.2 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ARDX. Zacks Research cut Ardelyx from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 22nd. HC Wainwright reissued a “buy” rating and set a $13.00 price objective on shares of Ardelyx in a research note on Friday, August 7th. Wedbush restated an “outperform” rating and set a $9.00 price objective on shares of Ardelyx in a report on Tuesday. Weiss Ratings downgraded shares of Ardelyx from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, June 29th. Finally, Citigroup cut their target price on shares of Ardelyx from $14.00 to $11.00 and set a “buy” rating on the stock in a report on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $13.90.

Ardelyx Profile

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.