Simplify Asset Management Inc. Increases Holdings in Ardelyx, Inc. (NASDAQ:ARDX)

Simplify Asset Management Inc. increased its position in Ardelyx, Inc. (NASDAQ:ARDX) by 15.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 689,364 shares of the biopharmaceutical company’s stock after acquiring an additional 91,364 shares during the period. Simplify Asset Management Inc.’s holdings in Ardelyx were worth $4,750,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Ardelyx by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 13,391,855 shares of the biopharmaceutical company’s stock valued at $97,761,000 after purchasing an additional 365,809 shares during the period. Clay Northam Wealth Management LLC grew its stake in shares of Ardelyx by 154.7% during the 2nd quarter. Clay Northam Wealth Management LLC now owns 232,377 shares of the biopharmaceutical company’s stock valued at $1,722,000 after purchasing an additional 141,145 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Ardelyx by 100.7% during the 1st quarter. Russell Investments Group Ltd. now owns 536,297 shares of the biopharmaceutical company’s stock valued at $3,915,000 after purchasing an additional 269,046 shares during the period. ProShare Advisors LLC grew its stake in shares of Ardelyx by 8.9% during the 1st quarter. ProShare Advisors LLC now owns 57,729 shares of the biopharmaceutical company’s stock valued at $421,000 after purchasing an additional 4,735 shares during the period. Finally, SG Americas Securities LLC grew its stake in shares of Ardelyx by 283.2% during the 2nd quarter. SG Americas Securities LLC now owns 91,672 shares of the biopharmaceutical company’s stock valued at $679,000 after purchasing an additional 67,750 shares during the period. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Insider Buying and Selling

In related news, insider David P. Rosenbaum sold 27,171 shares of Ardelyx stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $6.10, for a total transaction of $165,743.10. Following the completion of the sale, the insider now owns 153,616 shares of the company’s stock, valued at $937,057.60. The trade was a 15.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael Raab sold 25,000 shares of Ardelyx stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $5.91, for a total value of $147,750.00. Following the sale, the chief executive officer now directly owns 1,210,108 shares of the company’s stock, valued at $7,151,738.28. This trade represents a 2.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 247,983 shares of company stock valued at $1,514,002 over the last quarter. 5.90% of the stock is currently owned by company insiders.

Analyst Ratings Changes

ARDX has been the subject of a number of recent research reports. Citigroup cut their price target on Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, November 4th. HC Wainwright lowered shares of Ardelyx from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $11.00 to $5.50 in a report on Monday. Wedbush reissued an “outperform” rating and issued a $11.00 target price on shares of Ardelyx in a report on Friday, August 2nd. Finally, StockNews.com raised shares of Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Three 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 data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $10.42.

Ardelyx Stock Up 1.1 %

NASDAQ ARDX traded up $0.05 during trading on Friday, hitting $4.76. The company’s stock had a trading volume of 1,656,063 shares, compared to its average volume of 4,947,271. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.03 and a quick ratio of 3.87. Ardelyx, Inc. has a fifty-two week low of $3.83 and a fifty-two week high of $10.13. The company has a market cap of $1.13 billion, a PE ratio of -15.70 and a beta of 0.92. The business’s 50 day simple moving average is $5.97 and its 200-day simple moving average is $6.27.

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.