Rubric Capital Management LP Buys 1,243,606 Shares of Ardelyx, Inc. (NASDAQ:ARDX)

Rubric Capital Management LP grew its stake in shares of Ardelyx, Inc. (NASDAQ:ARDX) by 68.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,060,191 shares of the biopharmaceutical company’s stock after acquiring an additional 1,243,606 shares during the period. Rubric Capital Management LP owned 1.29% of Ardelyx worth $21,085,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Nisa Investment Advisors LLC increased its position in Ardelyx by 1,026.3% during the second 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 during the period. Redwood Wealth Management Group LLC acquired a new stake in Ardelyx during the second quarter worth approximately $62,000. Coastal Bridge Advisors LLC acquired a new position in Ardelyx in the 2nd quarter valued at $74,000. Helen Stephens Group LLC acquired a new stake in shares of Ardelyx during the 3rd quarter worth $76,000. Finally, CWM LLC raised its stake in Ardelyx by 328.1% in the third quarter. CWM LLC now owns 12,814 shares of the biopharmaceutical company’s stock valued at $88,000 after purchasing an additional 9,821 shares in the last quarter. Institutional investors own 58.92% of the company’s stock.

Ardelyx Trading Up 1.9 %

Shares of ARDX stock opened at $5.35 on Wednesday. The firm has a 50 day moving average of $5.80 and a 200-day moving average of $6.08. The company has a quick ratio of 3.87, a current ratio of 4.03 and a debt-to-equity ratio of 0.64. Ardelyx, Inc. has a 52 week low of $4.06 and a 52 week high of $10.13.

Insider Buying and Selling

In other Ardelyx news, CEO Michael Raab sold 35,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $5.61, for a total transaction of $196,350.00. Following the completion of the sale, the chief executive officer now directly owns 1,220,608 shares of the company’s stock, valued at approximately $6,847,610.88. The trade was a 2.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Laura A. Williams sold 7,366 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $4.79, for a total value of $35,283.14. Following the sale, the insider now owns 308,745 shares of the company’s stock, valued at $1,478,888.55. This trade represents a 2.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 227,068 shares of company stock worth $1,338,141 in the last ninety days. Corporate insiders own 5.90% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. HC Wainwright downgraded Ardelyx from a “buy” rating to a “neutral” rating and reduced their target price for the company from $11.00 to $5.50 in a report on Monday, November 11th. StockNews.com upgraded Ardelyx from a “sell” rating to a “hold” rating in a research report on Wednesday, July 31st. Citigroup dropped their target price on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a report on Monday, November 4th. Finally, Wedbush restated an “outperform” rating and issued a $11.00 price target on shares of Ardelyx in a research note on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $10.42.

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.