West Michigan Advisors LLC Has $227,000 Position in Ardelyx, Inc. (NASDAQ:ARDX)

West Michigan Advisors LLC cut its holdings in Ardelyx, Inc. (NASDAQ:ARDX) by 28.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 33,000 shares of the biopharmaceutical company’s stock after selling 13,000 shares during the quarter. West Michigan Advisors LLC’s holdings in Ardelyx were worth $227,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Hennion & Walsh Asset Management Inc. increased its position in Ardelyx by 37.2% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 438,827 shares of the biopharmaceutical company’s stock valued at $3,203,000 after acquiring an additional 118,879 shares in the last quarter. Principal Financial Group Inc. raised its position in Ardelyx by 347.4% in the 1st quarter. Principal Financial Group Inc. now owns 122,811 shares of the biopharmaceutical company’s stock worth $897,000 after purchasing an additional 95,361 shares during the last quarter. Swiss National Bank lifted its holdings in Ardelyx by 6.7% during the 1st quarter. Swiss National Bank now owns 458,300 shares of the biopharmaceutical company’s stock worth $3,346,000 after buying an additional 28,900 shares in the last quarter. Russell Investments Group Ltd. boosted its position in Ardelyx by 100.7% in the 1st quarter. Russell Investments Group Ltd. now owns 536,297 shares of the biopharmaceutical company’s stock valued at $3,915,000 after buying an additional 269,046 shares during the last quarter. Finally, ProShare Advisors LLC increased its stake in shares of Ardelyx by 8.9% in the 1st quarter. ProShare Advisors LLC now owns 57,729 shares of the biopharmaceutical company’s stock valued at $421,000 after buying an additional 4,735 shares during the period. 58.92% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ARDX shares. Piper Sandler lowered Ardelyx from an “overweight” rating to a “neutral” rating and cut their price target for the company from $15.00 to $7.00 in a research note on Tuesday, July 2nd. Wedbush reaffirmed an “outperform” rating and issued a $11.00 target price on shares of Ardelyx in a research note on Friday, August 2nd. StockNews.com raised shares of Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday, July 31st. HC Wainwright raised their price objective on shares of Ardelyx from $10.00 to $11.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, Citigroup upped their target price on shares of Ardelyx from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $11.67.

Ardelyx Stock Down 1.5 %

Shares of NASDAQ:ARDX opened at $5.77 on Friday. The company has a 50 day moving average price of $6.09 and a two-hundred day moving average price of $6.36. The company has a market capitalization of $1.34 billion, a PE ratio of -20.61 and a beta of 0.90. Ardelyx, Inc. has a 52 week low of $3.43 and a 52 week high of $10.13. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.99 and a current ratio of 4.21.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings data on Thursday, August 1st. The biopharmaceutical company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. The business had revenue of $73.20 million during the quarter, compared to analysts’ expectations of $55.03 million. Ardelyx had a negative net margin of 31.02% and a negative return on equity of 39.73%. The firm’s quarterly revenue was up 228.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.08) EPS. Analysts forecast that Ardelyx, Inc. will post -0.25 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider David P. Rosenbaum sold 20,507 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $6.00, for a total value of $123,042.00. Following the completion of the transaction, the insider now directly owns 158,502 shares in the company, valued at approximately $951,012. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider David P. Rosenbaum sold 20,507 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $6.00, for a total value of $123,042.00. Following the sale, the insider now directly owns 158,502 shares of the company’s stock, valued at approximately $951,012. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider David P. Rosenbaum sold 20,000 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $5.94, for a total transaction of $118,800.00. Following the completion of the transaction, the insider now directly owns 356,479 shares of the company’s stock, valued at approximately $2,117,485.26. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 217,126 shares of company stock worth $1,320,413 over the last ninety days. 5.50% of the stock is currently owned by corporate insiders.

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.