B. Riley Wealth Advisors Inc. Grows Holdings in Ardelyx, Inc. (NASDAQ:ARDX)

B. Riley Wealth Advisors Inc. grew its position in Ardelyx, Inc. (NASDAQ:ARDX) by 3.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 90,000 shares of the biopharmaceutical company’s stock after acquiring an additional 3,000 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Ardelyx were worth $599,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of ARDX. State Street Corp raised its holdings in Ardelyx by 1.5% in the 3rd quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company’s stock worth $83,657,000 after purchasing an additional 176,789 shares during the period. Eventide Asset Management LLC increased its position 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 valued at $51,076,000 after buying an additional 746,067 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Ardelyx by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 5,487,742 shares of the biopharmaceutical company’s stock worth $37,818,000 after buying an additional 17,296 shares during the period. Millennium Management LLC lifted its position in shares of Ardelyx by 142.8% during the 2nd quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock valued at $23,735,000 after buying an additional 1,883,995 shares in the last quarter. Finally, Rubric Capital Management LP grew its stake in Ardelyx by 68.5% in the 3rd quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company’s stock valued at $21,085,000 after acquiring an additional 1,243,606 shares during the period. 58.92% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ARDX. HC Wainwright cut shares of Ardelyx from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $11.00 to $5.50 in a research report on Monday, November 11th. 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. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $10.42.

Ardelyx Stock Performance

NASDAQ:ARDX opened at $4.61 on Thursday. The company has a market cap of $1.09 billion, a P/E ratio of -15.37 and a beta of 0.83. Ardelyx, Inc. has a twelve month low of $4.32 and a twelve month high of $10.13. The company’s 50-day moving average price is $5.50 and its 200-day moving average price is $5.86. The company has a current ratio of 4.03, a quick ratio of 3.87 and a debt-to-equity ratio of 0.64.

Insiders Place Their Bets

In related news, insider Laura A. Williams sold 7,366 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $4.79, for a total value of $35,283.14. Following the completion of the sale, the insider now owns 308,745 shares of the company’s stock, valued at approximately $1,478,888.55. This represents a 2.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider David P. Rosenbaum sold 49,564 shares of Ardelyx stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $6.92, for a total transaction of $342,982.88. Following the transaction, the insider now directly owns 301,946 shares in the company, valued at $2,089,466.32. This trade represents a 14.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 236,756 shares of company stock valued at $1,374,538 in the last ninety days. 5.90% of the stock is currently owned by corporate 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.