Pekin Hardy Strauss Inc. Raises Stock Holdings in Ardelyx, Inc. (NASDAQ:ARDX)

Pekin Hardy Strauss Inc. raised its holdings in shares of Ardelyx, Inc. (NASDAQ:ARDX) by 2.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 546,410 shares of the biopharmaceutical company’s stock after purchasing an additional 14,750 shares during the quarter. Pekin Hardy Strauss Inc. owned 0.23% of Ardelyx worth $3,765,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. World Equity Group Inc. lifted its position in shares of Ardelyx by 15.4% during the second quarter. World Equity Group Inc. now owns 18,402 shares of the biopharmaceutical company’s stock worth $136,000 after purchasing an additional 2,453 shares during the last quarter. Nisa Investment Advisors LLC grew its position in shares of Ardelyx by 1,026.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock worth $26,000 after acquiring an additional 3,233 shares in the last quarter. Aigen Investment Management LP increased its holdings in shares of Ardelyx by 29.4% in the 3rd quarter. Aigen Investment Management LP now owns 23,510 shares of the biopharmaceutical company’s stock valued at $162,000 after acquiring an additional 5,346 shares during the last quarter. Values First Advisors Inc. increased its holdings in shares of Ardelyx by 14.6% in the 3rd quarter. Values First Advisors Inc. now owns 46,282 shares of the biopharmaceutical company’s stock valued at $319,000 after acquiring an additional 5,890 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Ardelyx by 34.3% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 28,365 shares of the biopharmaceutical company’s stock valued at $195,000 after acquiring an additional 7,245 shares in the last quarter. 58.92% of the stock is currently owned by hedge funds and other institutional investors.

Ardelyx Stock Performance

ARDX opened at $5.31 on Friday. Ardelyx, Inc. has a twelve month low of $4.06 and a twelve month high of $10.13. The stock has a market cap of $1.26 billion, a PE ratio of -17.70 and a beta of 0.92. The business’s 50 day moving average is $5.84 and its 200-day moving average is $6.13. The company has a current ratio of 4.03, a quick ratio of 3.87 and a debt-to-equity ratio of 0.64.

Wall Street Analysts Forecast Growth

ARDX has been the subject of several recent research reports. Wedbush reiterated an “outperform” rating and set a $11.00 target price on shares of Ardelyx in a research note on Friday, August 2nd. Citigroup dropped their price objective on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. HC Wainwright downgraded Ardelyx from a “buy” rating to a “neutral” rating and decreased their target price for the company from $11.00 to $5.50 in a research note on Monday, November 11th. Finally, StockNews.com upgraded Ardelyx from a “sell” rating to a “hold” rating in a research report on Wednesday, July 31st. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Ardelyx currently has an average rating of “Moderate Buy” and an average price target of $10.42.

Insider Buying and Selling at Ardelyx

In other Ardelyx news, CEO Michael Raab sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $6.22, for a total transaction of $46,650.00. Following the transaction, the chief executive officer now owns 1,219,509 shares of the company’s stock, valued at approximately $7,585,345.98. This trade represents a 0.61 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Justin A. Renz sold 5,260 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $4.79, for a total transaction of $25,195.40. Following the sale, the chief financial officer now owns 291,139 shares in the company, valued at $1,394,555.81. This trade represents a 1.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 234,568 shares of company stock valued at $1,384,791 in the last quarter. Corporate insiders own 5.90% of the company’s stock.

Ardelyx Profile

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.