Northern Trust Corp increased its stake in Ardelyx Inc (NASDAQ:ARDX) by 11.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 412,398 shares of the biopharmaceutical company’s stock after buying an additional 40,804 shares during the quarter. Northern Trust Corp’s holdings in Ardelyx were worth $1,527,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of ARDX. NEA Management Company LLC grew its stake in shares of Ardelyx by 8.9% in the second quarter. NEA Management Company LLC now owns 15,335,047 shares of the biopharmaceutical company’s stock valued at $56,740,000 after buying an additional 1,251,465 shares in the last quarter. BlackRock Inc. grew its stake in shares of Ardelyx by 37.3% in the second quarter. BlackRock Inc. now owns 3,578,459 shares of the biopharmaceutical company’s stock valued at $13,240,000 after buying an additional 972,883 shares in the last quarter. Millennium Management LLC grew its stake in shares of Ardelyx by 155.2% in the second quarter. Millennium Management LLC now owns 1,083,199 shares of the biopharmaceutical company’s stock valued at $4,008,000 after buying an additional 658,688 shares in the last quarter. 683 Capital Management LLC acquired a new stake in shares of Ardelyx in the second quarter valued at about $2,405,000. Finally, Renaissance Technologies LLC grew its stake in shares of Ardelyx by 97.8% in the second quarter. Renaissance Technologies LLC now owns 775,140 shares of the biopharmaceutical company’s stock valued at $2,868,000 after buying an additional 383,340 shares in the last quarter. Institutional investors and hedge funds own 75.37% of the company’s stock.
Shares of NASDAQ ARDX opened at $2.72 on Monday. Ardelyx Inc has a fifty-two week low of $2.53 and a fifty-two week high of $8.10. The company has a quick ratio of 12.83, a current ratio of 12.83 and a debt-to-equity ratio of 0.35. The company has a market cap of $169.01 million, a price-to-earnings ratio of -2.00 and a beta of 1.32.
ARDX has been the subject of a number of recent research reports. Jefferies Financial Group initiated coverage on Ardelyx in a research note on Friday, August 24th. They issued a “buy” rating and a $7.00 target price for the company. Citigroup lowered their target price on Ardelyx from $17.00 to $11.00 and set a “buy” rating for the company in a research note on Thursday, August 9th. BidaskClub upgraded Ardelyx from a “sell” rating to a “hold” rating in a research note on Friday, September 28th. Finally, Zacks Investment Research lowered Ardelyx from a “buy” rating to a “hold” rating in a research note on Monday, August 13th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $9.55.
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Ardelyx, Inc, a specialized biopharmaceutical company, develops and sells disruptive medicines for the treatment of cardio renal and gastrointestinal diseases in the United States and Asia Pacific. The company's lead product candidate is tenapanor, which has completed Phase III clinical trial for the treatment of patients with irritable bowel syndrome with constipation, as well as in Phase III clinical trial for the treatment of hyperphosphatemia in end-stage renal disease patients on dialysis.
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