Bank of New York Mellon Corp Has $1.85 Million Position in Ardelyx, Inc. (NASDAQ:ARDX)

Bank of New York Mellon Corp boosted its stake in shares of Ardelyx, Inc. (NASDAQ:ARDX) by 4.8% during the first quarter, Holdings Channel reports. The firm owned 145,916 shares of the biopharmaceutical company’s stock after buying an additional 6,647 shares during the period. Bank of New York Mellon Corp’s holdings in Ardelyx were worth $1,846,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Metropolitan Life Insurance Co. NY increased its position in shares of Ardelyx by 11.7% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 22,824 shares of the biopharmaceutical company’s stock valued at $324,000 after buying an additional 2,382 shares during the period. Teachers Advisors LLC increased its position in shares of Ardelyx by 45.1% in the fourth quarter. Teachers Advisors LLC now owns 47,230 shares of the biopharmaceutical company’s stock valued at $671,000 after buying an additional 14,690 shares during the period. Russell Investments Group Ltd. purchased a new position in shares of Ardelyx during the fourth quarter valued at $258,000. Renaissance Technologies LLC increased its position in shares of Ardelyx by 41.1% in the fourth quarter. Renaissance Technologies LLC now owns 66,300 shares of the biopharmaceutical company’s stock valued at $941,000 after buying an additional 19,300 shares during the period. Finally, State Street Corp increased its position in shares of Ardelyx by 14.9% in the fourth quarter. State Street Corp now owns 462,228 shares of the biopharmaceutical company’s stock valued at $6,565,000 after buying an additional 59,813 shares during the period. Institutional investors and hedge funds own 83.62% of the company’s stock.

Shares of Ardelyx, Inc. (ARDX) opened at 5.60 on Friday. Ardelyx, Inc. has a one year low of $4.05 and a one year high of $16.30. The firm’s 50 day moving average is $5.03 and its 200-day moving average is $10.30. The firm’s market capitalization is $265.36 million.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings data on Friday, May 5th. The biopharmaceutical company reported ($0.59) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.65) by $0.06. On average, equities research analysts predict that Ardelyx, Inc. will post ($2.46) earnings per share for the current fiscal year.

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Several brokerages have recently weighed in on ARDX. BidaskClub upgraded shares of Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. Zacks Investment Research cut shares of Ardelyx from a “hold” rating to a “sell” rating in a report on Tuesday, April 25th. ValuEngine raised shares of Ardelyx from a “strong sell” rating to a “sell” rating in a report on Thursday, July 6th. Citigroup Inc. reaffirmed a “buy” rating and issued a $12.00 price target (down from $17.00) on shares of Ardelyx in a report on Monday, May 15th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $12.00 price target (down from $19.00) on shares of Ardelyx in a report on Friday, May 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $14.13.

About Ardelyx

Ardelyx, Inc is a clinical-stage biopharmaceutical company. The Company’s therapeutics focuses on addressing cardiorenal and gastrointestinal (GI) diseases. It operates through the research, development and commercialization of biopharmaceutical products segment. The Company’s products line includes cardiorenal portfolio and gastrointestinal portfolio.

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Institutional Ownership by Quarter for Ardelyx (NASDAQ:ARDX)

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