Is Ardelyx Inc (ARDX) A Good Stock To Buy Right Now?

Now, specific money managers have jumped into Ardelyx Inc (NASDAQ:ARDX) headfirst. EcoR1 Capital assembled the most valuable position in Ardelyx Inc (NASDAQ:ARDX). EcoR1 Capital had $17 million invested in the company at the end of the quarter. Millennium Management, one of the 10 largest hedge funds in the world, also made a $4 million investment in the stock during the quarter. The other funds with brand new ARDX positions are Jim Simons’s Renaissance Technologies, Chuck Royce’s Royce & Associates, and Ken Griffin’s Citadel Investment Group.

Let’s now take a look at hedge fund activity in other stocks similar to Ardelyx Inc (NASDAQ:ARDX). These stocks are Intellia Therapeutics Inc (NASDAQ:NTLA), National Presto Industries Inc. (NYSE:NPK), TriCo Bancshares (NASDAQ:TCBK), and Green Plains Partners LP (NASDAQ:GPP). All of these stocks’ market caps match ARDX’s market cap.

As you can see these stocks had an average of 8.25 hedge funds with bullish positions and the average amount invested in these stocks was $67 million. That figure was $142 million in ARDX’s case. National Presto Industries Inc. (NYSE:NPK) is the most popular stock in this table. On the other hand Green Plains Partners LP (NASDAQ:GPP) is the least popular one with only 5 bullish hedge fund positions. Compared to these stocks Ardelyx Inc (NASDAQ:ARDX) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.