5 Best Medical Stocks Under $5

4. Ardelyx, Inc. (NASDAQ:ARDX)

Number of Hedge Fund Holders: 16

Ardelyx, Inc. (NASDAQ:ARDX) develops several treatments for patients with kidney diseases, irritable bowel syndrome, heart diseases, and metabolic acidosis. The firm is headquartered in Waltham, Massachusetts.

Ardelyx, Inc. (NASDAQ:ARDX)’s Ibsrela drug is for patients with irritable bowel syndrome, and the drug is playing in a $3 billion market with 5 million annual prescriptions. The drug is a strong product as it is different from the other three medicines for the diseases, as it is the only option for patients that do not respond well to the other treatments. Ardelyx, Inc. (NASDAQ:ARDX) is also using the active ingredient in this drug to treat kidney patients, in a market with 550,000 patients in the U.S.

Ardelyx, Inc. (NASDAQ:ARDX)’s shares are up by 27% year to date. By the end of this year’s second quarter, 16 out of the 895 hedge funds polled by Insider Monkey had invested in the company.

Ardelyx, Inc. (NASDAQ:ARDX)’s largest investor is Steven Cohen’s Point72 Asset Management which owns 5 million shares that are worth $2.9 million.