Palumbo Wealth Management LLC Sells 3,023 Shares of Ardelyx, Inc. (NASDAQ:ARDX)

Palumbo Wealth Management LLC reduced its position in shares of Ardelyx, Inc. (NASDAQ:ARDX) by 12.8% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 20,526 shares of the biopharmaceutical company’s stock after selling 3,023 shares during the quarter. Palumbo Wealth Management LLC’s holdings in Ardelyx were worth $141,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of the stock. China Universal Asset Management Co. Ltd. raised its stake in shares of Ardelyx by 64.7% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 45,280 shares of the biopharmaceutical company’s stock valued at $312,000 after buying an additional 17,792 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Ardelyx by 34.3% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 28,365 shares of the biopharmaceutical company’s stock valued at $195,000 after buying an additional 7,245 shares in the last quarter. Values First Advisors Inc. raised its stake in shares of Ardelyx by 14.6% in the 3rd quarter. Values First Advisors Inc. now owns 46,282 shares of the biopharmaceutical company’s stock valued at $319,000 after buying an additional 5,890 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its stake in shares of Ardelyx by 9.5% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 643,912 shares of the biopharmaceutical company’s stock valued at $4,437,000 after buying an additional 55,720 shares in the last quarter. Finally, Inspire Investing LLC increased its position in shares of Ardelyx by 22.3% during the 3rd quarter. Inspire Investing LLC now owns 59,793 shares of the biopharmaceutical company’s stock worth $412,000 after purchasing an additional 10,912 shares in the last quarter. 58.92% of the stock is owned by institutional investors.

Ardelyx Trading Down 0.5 %

Ardelyx stock traded down $0.03 during midday trading on Thursday, hitting $5.86. 718,225 shares of the stock were exchanged, compared to its average volume of 4,816,900. The company has a quick ratio of 3.99, a current ratio of 4.21 and a debt-to-equity ratio of 0.68. The company has a fifty day simple moving average of $6.08 and a two-hundred day simple moving average of $6.33. Ardelyx, Inc. has a 52 week low of $3.43 and a 52 week high of $10.13. The stock has a market capitalization of $1.36 billion, a PE ratio of -21.04 and a beta of 0.90.

Ardelyx (NASDAQ:ARDX) last announced its earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. The company had revenue of $73.20 million during the quarter, compared to analysts’ expectations of $55.03 million. Ardelyx had a negative net margin of 31.02% and a negative return on equity of 39.73%. Ardelyx’s quarterly revenue was up 228.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.08) earnings per share. Equities research analysts anticipate that Ardelyx, Inc. will post -0.25 EPS for the current fiscal year.

Analyst Ratings Changes

ARDX has been the subject of a number of recent analyst reports. Wedbush reiterated an “outperform” rating and set a $11.00 target price on shares of Ardelyx in a research report on Friday, August 2nd. Citigroup increased their price objective on shares of Ardelyx from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. StockNews.com raised shares of Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Finally, HC Wainwright raised their target price on shares of Ardelyx from $10.00 to $11.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $11.67.

Insider Activity at Ardelyx

In related news, CEO Michael Raab sold 25,000 shares of the business’s 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 completion of the transaction, the chief executive officer now owns 1,210,108 shares of the company’s stock, valued at $7,151,738.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Michael Raab sold 25,000 shares of the business’s 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 completion of the transaction, the chief executive officer now owns 1,210,108 shares of the company’s stock, valued at $7,151,738.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider David P. Rosenbaum sold 49,564 shares of the business’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $6.92, for a total value of $342,982.88. Following the transaction, the insider now directly owns 301,946 shares of the company’s stock, valued at approximately $2,089,466.32. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 212,126 shares of company stock valued at $1,298,963 over the last quarter. 5.50% of the stock is owned by corporate insiders.

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.