Price T Rowe Associates Inc. MD Has $826,000 Stake in Ardelyx, Inc. (NASDAQ:ARDX)

Price T Rowe Associates Inc. MD lowered its position in shares of Ardelyx, Inc. (NASDAQ:ARDX) by 84.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 162,824 shares of the biopharmaceutical company’s stock after selling 911,664 shares during the quarter. Price T Rowe Associates Inc. MD’s holdings in Ardelyx were worth $826,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of ARDX. Harvest Investment Services LLC acquired a new position in shares of Ardelyx in the 4th quarter valued at about $69,000. Hsbc Holdings PLC acquired a new position in Ardelyx in the fourth quarter valued at approximately $1,423,000. Rock Springs Capital Management LP bought a new position in shares of Ardelyx during the 4th quarter worth approximately $7,421,000. Tower Research Capital LLC TRC grew its position in shares of Ardelyx by 1,376.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 50,317 shares of the biopharmaceutical company’s stock worth $255,000 after buying an additional 46,909 shares during the period. Finally, MetLife Investment Management LLC increased its stake in shares of Ardelyx by 8.2% in the 4th quarter. MetLife Investment Management LLC now owns 135,156 shares of the biopharmaceutical company’s stock valued at $685,000 after acquiring an additional 10,213 shares in the last quarter. 58.92% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on ARDX. Raymond James lowered shares of Ardelyx from a “strong-buy” rating to an “outperform” rating and set a $11.00 target price on the stock. in a research note on Friday, May 2nd. Piper Sandler upgraded shares of Ardelyx to a “hold” rating in a report on Wednesday, March 12th. HC Wainwright restated a “neutral” rating and issued a $5.50 target price on shares of Ardelyx in a research note on Friday, February 21st. BTIG Research began coverage on Ardelyx in a research report on Tuesday, March 4th. They issued a “buy” rating and a $14.00 target price for the company. Finally, StockNews.com lowered Ardelyx from a “hold” rating to a “sell” rating in a report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Ardelyx currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.39.

Ardelyx Stock Down 0.5%

ARDX opened at $3.62 on Monday. Ardelyx, Inc. has a fifty-two week low of $3.50 and a fifty-two week high of $8.14. The company has a debt-to-equity ratio of 0.87, a current ratio of 4.58 and a quick ratio of 4.31. The company’s 50-day moving average is $4.85 and its 200 day moving average is $5.17. 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 announced 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). The business had revenue of $74.11 million during the quarter, compared to analysts’ expectations of $79.40 million. Ardelyx had a negative return on equity of 24.87% and a negative net margin of 11.73%. Ardelyx’s quarterly revenue was up 61.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.11) EPS. Research analysts expect that Ardelyx, Inc. will post -0.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Laura A. Williams sold 4,941 shares of Ardelyx stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $5.62, for a total transaction of $27,768.42. Following the sale, the insider now directly owns 303,804 shares in the company, valued at $1,707,378.48. The trade was a 1.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Raab sold 22,964 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $5.62, for a total transaction of $129,057.68. Following the transaction, the chief executive officer now owns 1,085,755 shares of the company’s stock, valued at approximately $6,101,943.10. The trade was a 2.07% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 158,076 shares of company stock valued at $777,555. Insiders own 5.90% of the company’s stock.

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.