Propel Bio Management LLC Has $7.38 Million Position in Ardelyx, Inc. (NASDAQ:ARDX)

Propel Bio Management LLC raised its position in Ardelyx, Inc. (NASDAQ:ARDX) by 15.8% during the third quarter, according to its most recent filing with the SEC. The firm owned 1,070,947 shares of the biopharmaceutical company’s stock after purchasing an additional 146,364 shares during the period. Ardelyx accounts for approximately 4.3% of Propel Bio Management LLC’s portfolio, making the stock its 9th largest position. Propel Bio Management LLC owned 0.45% of Ardelyx worth $7,379,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Ardelyx by 2.8% in the first quarter. Vanguard Group Inc. now owns 13,391,855 shares of the biopharmaceutical company’s stock valued at $97,761,000 after buying an additional 365,809 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of 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 worth $28,572,000 after acquiring an additional 1,584,597 shares in the last quarter. Millennium Management LLC raised its position in shares of Ardelyx by 142.8% in the 2nd quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock worth $23,735,000 after acquiring an additional 1,883,995 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Ardelyx by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,938,778 shares of the biopharmaceutical company’s stock valued at $13,358,000 after purchasing an additional 40,702 shares during the period. Finally, Simplify Asset Management Inc. boosted its position in shares of Ardelyx by 15.3% during the 3rd quarter. Simplify Asset Management Inc. now owns 689,364 shares of the biopharmaceutical company’s stock valued at $4,750,000 after purchasing an additional 91,364 shares in the last quarter. 58.92% of the stock is owned by institutional investors.

Ardelyx Price Performance

Shares of ARDX opened at $5.25 on Tuesday. The business’s fifty day moving average is $5.82 and its 200 day moving average is $6.10. Ardelyx, Inc. has a 12-month low of $4.06 and a 12-month high of $10.13. The company has a quick ratio of 3.87, a current ratio of 4.03 and a debt-to-equity ratio of 0.64. The stock has a market cap of $1.24 billion, a P/E ratio of -17.50 and a beta of 0.92.

Insiders Place Their Bets

In related news, CEO Michael Raab sold 7,500 shares of the stock in a transaction on Friday, October 11th. The stock was sold at an average price of $6.01, for a total value of $45,075.00. Following the completion of the sale, the chief executive officer now directly owns 1,210,108 shares of the company’s stock, valued at approximately $7,272,749.08. This represents a 0.62 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider David P. Rosenbaum sold 5,312 shares of Ardelyx stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.26, for a total transaction of $33,253.12. Following the transaction, the insider now directly owns 153,616 shares in the company, valued at $961,636.16. This represents a 3.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 227,068 shares of company stock worth $1,338,141. Insiders own 5.90% of the company’s stock.

Analyst Upgrades and Downgrades

ARDX has been the subject of a number of research analyst reports. StockNews.com upgraded Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Wedbush reaffirmed an “outperform” rating and set a $11.00 price objective on shares of Ardelyx in a research report on Friday, August 2nd. HC Wainwright downgraded shares of Ardelyx from a “buy” rating to a “neutral” rating and dropped their target price for the company from $11.00 to $5.50 in a research report on Monday, November 11th. Finally, Citigroup reduced their price target on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a report on Monday, November 4th. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus 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.