Pallas Capital Advisors LLC Purchases New Shares in Ardelyx, Inc. (NASDAQ:ARDX)

Pallas Capital Advisors LLC purchased a new stake in Ardelyx, Inc. (NASDAQ:ARDX) in the first quarter, Holdings Channel.com reports. The fund purchased 37,087 shares of the biopharmaceutical company’s stock, valued at approximately $182,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. GF Fund Management CO. LTD. purchased a new stake in Ardelyx in the 4th quarter valued at $25,000. SBI Securities Co. Ltd. purchased a new stake in shares of Ardelyx during the 4th quarter valued at $41,000. Quarry LP purchased a new stake in shares of Ardelyx during the 4th quarter valued at $51,000. Rehmann Capital Advisory Group purchased a new stake in shares of Ardelyx during the 4th quarter valued at $51,000. Finally, Covestor Ltd increased its position in shares of Ardelyx by 287.0% during the 4th quarter. Covestor Ltd now owns 11,315 shares of the biopharmaceutical company’s stock valued at $57,000 after purchasing an additional 8,391 shares during the last quarter. 58.92% of the stock is owned by hedge funds and other institutional investors.

Ardelyx Stock Performance

Shares of ARDX opened at $3.60 on Friday. The company has a market cap of $861.32 million, a PE ratio of -22.50 and a beta of 0.59. The company has a current ratio of 4.58, a quick ratio of 4.31 and a debt-to-equity ratio of 0.87. The stock has a 50-day moving average price of $4.18 and a 200-day moving average price of $4.90. Ardelyx, Inc. has a 12-month low of $3.21 and a 12-month high of $8.06.

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

Insider Buying and Selling

In related news, Director David M. Mott acquired 200,000 shares of the stock in a transaction on Monday, June 9th. The stock was purchased at an average price of $3.69 per share, for a total transaction of $738,000.00. Following the completion of the transaction, the director now owns 2,696,871 shares of the company’s stock, valued at $9,951,453.99. This trade represents a 8.01% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mike Kelliher sold 14,522 shares of the business’s stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $4.08, for a total value of $59,249.76. Following the completion of the sale, the insider now owns 282,158 shares of the company’s stock, valued at $1,151,204.64. The trade was a 4.89% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders bought 681,377 shares of company stock worth $2,676,411 and sold 166,809 shares worth $708,914. 4.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ARDX. BTIG Research began coverage on Ardelyx in a research note on Tuesday, March 4th. They set a “buy” rating and a $14.00 price target for the company. Scotiabank assumed coverage on Ardelyx in a report on Friday, March 7th. They set a “sector outperform” rating and a $15.00 target price for the company. HC Wainwright reaffirmed a “neutral” rating and set a $5.50 target price on shares of Ardelyx in a report on Friday, February 21st. Raymond James lowered Ardelyx from a “strong-buy” rating to an “outperform” rating and set a $11.00 target price for the company. in a report on Friday, May 2nd. Finally, Wall Street Zen 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 assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.39.

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.