Eventide Asset Management LLC Has $51.08 Million Stock Holdings in Ardelyx, Inc. (NASDAQ:ARDX)

Eventide Asset Management LLC lifted its holdings in shares of Ardelyx, Inc. (NASDAQ:ARDX) by 11.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 7,413,049 shares of the biopharmaceutical company’s stock after buying an additional 746,067 shares during the period. Eventide Asset Management LLC’s holdings in Ardelyx were worth $51,076,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of ARDX. Nisa Investment Advisors LLC lifted its stake in Ardelyx by 1,026.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock valued at $26,000 after purchasing an additional 3,233 shares during the last quarter. Redwood Wealth Management Group LLC acquired a new stake in Ardelyx in the 2nd quarter valued at about $62,000. Coastal Bridge Advisors LLC acquired a new stake in Ardelyx in the 2nd quarter valued at about $74,000. Helen Stephens Group LLC acquired a new stake in Ardelyx in the 3rd quarter valued at about $76,000. Finally, CWM LLC lifted its stake in Ardelyx by 328.1% in the 3rd 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 during the last quarter. 58.92% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ARDX. Citigroup cut their target price on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Wedbush reissued an “outperform” rating and issued a $11.00 price target on shares of Ardelyx in a report on Friday, August 2nd. Finally, HC Wainwright cut shares of Ardelyx from a “buy” rating to a “neutral” rating and lowered their price target for the company from $11.00 to $5.50 in a report on Monday, November 11th. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $10.42.

Ardelyx Stock Up 6.4 %

Ardelyx stock opened at $5.69 on Friday. Ardelyx, Inc. has a twelve month low of $4.06 and a twelve month high of $10.13. The company’s 50-day moving average price is $5.79 and its two-hundred day moving average price is $6.08. The stock has a market cap of $1.35 billion, a P/E ratio of -18.97 and a beta of 0.92. The company has a quick ratio of 3.87, a current ratio of 4.03 and a debt-to-equity ratio of 0.64.

Insider Transactions at Ardelyx

In other news, insider Laura A. Williams sold 7,366 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $4.79, for a total transaction of $35,283.14. Following the transaction, the insider now directly owns 308,745 shares of the company’s stock, valued at approximately $1,478,888.55. This trade represents a 2.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael Raab sold 35,000 shares of the firm’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 transaction, the chief executive officer now directly owns 1,220,608 shares in the company, valued at $6,847,610.88. This represents a 2.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 252,068 shares of company stock valued at $1,472,641. 5.90% of the stock is currently owned by company insiders.

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.