Crestline Management LP Purchases Shares of 12,618 Ardelyx, Inc. (NASDAQ:ARDX)

Crestline Management LP purchased a new stake in Ardelyx, Inc. (NASDAQ:ARDX) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 12,618 shares of the biopharmaceutical company’s stock, valued at approximately $64,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. purchased a new position in Ardelyx in the 4th quarter valued at approximately $35,000. SBI Securities Co. Ltd. purchased a new position in Ardelyx in the 4th quarter valued at approximately $41,000. Quarry LP purchased a new position in Ardelyx in the 4th quarter valued at approximately $51,000. Rehmann Capital Advisory Group purchased a new position in Ardelyx in the 4th quarter valued at approximately $51,000. Finally, Covestor Ltd boosted its position in Ardelyx by 287.0% in the 4th quarter. Covestor Ltd now owns 11,315 shares of the biopharmaceutical company’s stock valued at $57,000 after buying an additional 8,391 shares during the period. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Ardelyx Price Performance

Shares of ARDX opened at $3.62 on Monday. Ardelyx, Inc. has a 1-year low of $3.50 and a 1-year high of $8.14. The stock has a market cap of $866.10 million, a PE ratio of -22.63 and a beta of 0.76. 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 firm has a fifty day moving average price of $4.85 and a 200 day moving average price of $5.17.

Ardelyx (NASDAQ:ARDX) last announced its quarterly 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 net margin of 11.73% and a negative return on equity of 24.87%. The company had revenue of $74.11 million during the quarter, compared to analysts’ expectations of $79.40 million. During the same period last year, the firm earned ($0.11) earnings per share. Ardelyx’s revenue was up 61.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Ardelyx, Inc. will post -0.18 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Scotiabank assumed coverage on shares of Ardelyx in a research report on Friday, March 7th. They set a “sector outperform” rating and a $15.00 price objective for the company. LADENBURG THALM/SH SH reaffirmed a “buy” rating and set a $11.00 price objective on shares of Ardelyx in a research report on Friday, March 7th. Piper Sandler raised shares of Ardelyx to a “hold” rating in a research report on Wednesday, March 12th. Cantor Fitzgerald raised shares of Ardelyx to a “strong-buy” rating in a research report on Tuesday, March 4th. Finally, Citigroup decreased their price objective on shares of Ardelyx from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $10.39.

Insider Activity at Ardelyx

In related news, insider Laura A. Williams sold 4,941 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $5.62, for a total value of $27,768.42. Following the completion of the sale, the insider now directly owns 303,804 shares of the company’s stock, valued at $1,707,378.48. The trade was a 1.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David M. Mott acquired 77,729 shares of the company’s stock in a transaction on Monday, February 24th. The stock was acquired at an average price of $5.00 per share, for a total transaction of $388,645.00. Following the completion of the purchase, the director now owns 2,015,494 shares of the company’s stock, valued at $10,077,470. This trade represents a 4.01% increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 158,076 shares of company stock valued at $777,555 over the last ninety days. 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.