Principal Financial Group Inc. Lowers Holdings in Ardelyx, Inc. (NASDAQ:ARDX)

Principal Financial Group Inc. decreased its position in Ardelyx, Inc. (NASDAQ:ARDX) by 67.0% in the second quarter, Holdings Channel reports. The firm owned 33,453 shares of the biopharmaceutical company’s stock after selling 67,998 shares during the period. Principal Financial Group Inc.’s holdings in Ardelyx were worth $254,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Citigroup Inc. boosted its holdings in shares of Ardelyx by 91.0% in the second quarter. Citigroup Inc. now owns 462,538 shares of the biopharmaceutical company’s stock valued at $3,506,000 after purchasing an additional 220,318 shares during the period. Rafferty Asset Management LLC boosted its holdings in shares of Ardelyx by 67.7% in the second quarter. Rafferty Asset Management LLC now owns 279,355 shares of the biopharmaceutical company’s stock valued at $2,118,000 after purchasing an additional 112,763 shares during the period. Rhumbline Advisers boosted its holdings in shares of Ardelyx by 10.6% in the second quarter. Rhumbline Advisers now owns 94,175 shares of the biopharmaceutical company’s stock valued at $714,000 after purchasing an additional 9,030 shares during the period. Congress Asset Management Co. MA purchased a new stake in shares of Ardelyx in the second quarter valued at approximately $2,539,000. Finally, New York State Common Retirement Fund boosted its holdings in shares of Ardelyx by 29.4% in the second quarter. New York State Common Retirement Fund now owns 72,988 shares of the biopharmaceutical company’s stock valued at $553,000 after purchasing an additional 16,588 shares during the period. Hedge funds and other institutional investors own 82.04% of the company’s stock.

NASDAQ ARDX opened at $1.09 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.23 and a quick ratio of 3.23. The stock’s fifty day moving average price is $1.38 and its 200 day moving average price is $4.83. Ardelyx, Inc. has a 1 year low of $1.03 and a 1 year high of $2.31. The company has a market cap of $112.40 million, a price-to-earnings ratio of -0.83 and a beta of 1.81.

Ardelyx (NASDAQ:ARDX) last released its earnings results on Thursday, August 12th. The biopharmaceutical company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.09). Ardelyx had a negative net margin of 1,009.33% and a negative return on equity of 99.11%. The firm had revenue of $1.31 million during the quarter, compared to analyst estimates of $1.10 million. Research analysts expect that Ardelyx, Inc. will post -1.38 earnings per share for the current year.

A number of analysts have weighed in on the company. Wedbush lowered Ardelyx from an “outperform” rating to a “neutral” rating and set a $3.00 target price for the company. in a report on Tuesday, July 20th. Cantor Fitzgerald lowered their target price on Ardelyx from $14.00 to $7.00 and set an “overweight” rating for the company in a report on Friday, July 30th. Cowen set a $7.70 target price on Ardelyx and gave the stock a “buy” rating in a report on Tuesday, July 20th. Piper Sandler lowered Ardelyx from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $14.00 to $4.00 in a report on Tuesday, July 20th. Finally, Jefferies Financial Group lowered Ardelyx from a “buy” rating to a “hold” rating and lowered their target price for the stock from $11.00 to $2.00 in a report on Wednesday, July 21st. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $7.46.

Ardelyx Profile

Ardelyx, Inc is a biopharmaceutical company, which engages in the research, development and commercialization of medicine for the treatment of cardiorenal diseases. Its product portfolio includes tenapanor, which is an experimental medication that works exclusively in the gut and is in late-stage clinical development.

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Institutional Ownership by Quarter for Ardelyx (NASDAQ:ARDX)

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