Parkman Healthcare Partners LLC Has $875,000 Stake in Ardelyx, Inc. (NASDAQ:ARDX)

Parkman Healthcare Partners LLC trimmed its position in shares of Ardelyx, Inc. (NASDAQ:ARDX) by 15.5% during the third quarter, HoldingsChannel.com reports. The firm owned 126,940 shares of the biopharmaceutical company’s stock after selling 23,252 shares during the period. Parkman Healthcare Partners LLC’s holdings in Ardelyx were worth $875,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in ARDX. Millennium Management LLC boosted its position in Ardelyx by 142.8% during the 2nd quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock worth $23,735,000 after buying an additional 1,883,995 shares during the period. Rubric Capital Management LP lifted its holdings in shares of Ardelyx by 68.5% during the third quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company’s stock worth $21,085,000 after purchasing an additional 1,243,606 shares during the period. Eventide Asset Management LLC grew its stake in shares of Ardelyx by 11.2% in the third quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company’s stock worth $51,076,000 after purchasing an additional 746,067 shares during the last quarter. Vestal Point Capital LP acquired a new stake in Ardelyx in the third quarter valued at $3,445,000. Finally, Squarepoint Ops LLC raised its position in Ardelyx by 375.9% during the 2nd quarter. Squarepoint Ops LLC now owns 460,689 shares of the biopharmaceutical company’s stock worth $3,414,000 after purchasing an additional 363,894 shares during the last quarter. 58.92% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Citigroup cut their price objective on 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 shares of Ardelyx from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $11.00 to $5.50 in a research report on Monday, November 11th. Three 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 MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $10.42.

Insider Activity

In other news, CEO Michael Raab sold 35,000 shares of the business’s stock in a transaction dated Wednesday, September 11th. The shares were 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 $6,847,610.88. The trade was a 2.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider David P. Rosenbaum sold 5,312 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $6.26, for a total transaction of $33,253.12. Following the completion of the transaction, the insider now directly owns 153,616 shares in the company, valued at approximately $961,636.16. The trade was a 3.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 252,068 shares of company stock worth $1,472,641 in the last three months. Company insiders own 5.90% of the company’s stock.

Ardelyx Stock Down 0.7 %

Ardelyx stock opened at $5.50 on Wednesday. The company has a market capitalization of $1.30 billion, a PE ratio of -18.33 and a beta of 0.83. Ardelyx, Inc. has a 12-month low of $4.34 and a 12-month high of $10.13. The firm’s fifty day moving average is $5.77 and its 200 day moving average is $6.00. 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 Company 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.