Ardelyx, Inc. (NASDAQ:ARDX) Shares Sold by Entropy Technologies LP

Entropy Technologies LP lowered its position in Ardelyx, Inc. (NASDAQ:ARDX) by 56.1% during the third quarter, Holdings Channel.com reports. The fund owned 14,312 shares of the biopharmaceutical company’s stock after selling 18,294 shares during the quarter. Entropy Technologies LP’s holdings in Ardelyx were worth $99,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in ARDX. Vanguard Group Inc. grew its stake in Ardelyx by 2.8% during the first quarter. Vanguard Group Inc. now owns 13,391,855 shares of the biopharmaceutical company’s stock worth $97,761,000 after buying an additional 365,809 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Ardelyx by 68.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,913,863 shares of the biopharmaceutical company’s stock valued at $28,572,000 after purchasing an additional 1,584,597 shares in the last quarter. Millennium Management LLC raised its position in Ardelyx by 142.8% in the second quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock valued at $23,735,000 after purchasing an additional 1,883,995 shares during the period. Redmile Group LLC acquired a new position in shares of Ardelyx during the first quarter worth about $16,020,000. Finally, Hennion & Walsh Asset Management Inc. boosted its position in shares of Ardelyx by 9.5% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 643,912 shares of the biopharmaceutical company’s stock worth $4,437,000 after buying an additional 55,720 shares during the period. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Ardelyx Trading Up 5.5 %

ARDX opened at $4.97 on Monday. The stock has a market capitalization of $1.18 billion, a PE ratio of -16.57 and a beta of 0.92. 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 12-month low of $3.83 and a 12-month high of $10.13. The firm’s fifty day moving average price is $5.93 and its 200 day moving average price is $6.24.

Insider Activity

In related news, insider David P. Rosenbaum sold 20,507 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $6.00, for a total transaction of $123,042.00. Following the sale, the insider now directly owns 158,502 shares of the company’s stock, valued at approximately $951,012. This represents a 11.46 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael Raab sold 32,225 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $5.86, for a total value of $188,838.50. Following the transaction, the chief executive officer now owns 1,227,009 shares in the company, valued at $7,190,272.74. This trade represents a 2.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 247,983 shares of company stock worth $1,514,002. 5.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Wedbush reiterated an “outperform” rating and set a $11.00 target price on shares of Ardelyx in a report on Friday, August 2nd. HC Wainwright lowered shares of Ardelyx from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $11.00 to $5.50 in a research note on Monday, November 11th. StockNews.com upgraded shares of Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday, July 31st. Finally, Citigroup dropped their price target on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Ardelyx currently has an average rating of “Moderate Buy” and an average price target of $10.42.

About Ardelyx

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.