5 Best Biotech Stocks to Buy Under $10

02. Ardelyx, Inc. (NASDAQ:ARDX)

Number of Hedge Fund Holders as of Q3, 2022: 19

Share Price as of December 19: $1.96

Ardelyx, Inc. (NASDAQ:ARDX) is a Waltham, Massachusetts-based biotech company founded in 2007. The company has the distinction of developing and commercializing the first-in-class therapeutic for treating irritable bowel syndrome. Furthermore, the company has therapeutics for treating hyperphosphatemia, hyperkalemia, and metabolic acidosis in the pipeline.

On December 18, Piper Sandler analyst Christopher Raymond remained Overweight rated on Ardelyx, Inc. (NASDAQ:ARDX) shares, with a price target of $8, after FDA informed the company that the Agency needs “a few more weeks” to finalize its response to the company’s appeal of the XPHOZAH CRL issued last year.

In accordance with the company’s contract with HealthCare Royalty Partners (HCR), Ardelyx, Inc. (NASDAQ:ARDX) received a $10 million advance payment in June. The company anticipates receiving another $5 million after its Japanese partner, Kyowa Kirin Corporation (KKC), receives regulatory permission for another drug application next year. In Q3 2022, Ardelyx, Inc. (NASDAQ:ARDX) reported revenue of $4.99 million, reflecting a YoY increase of 325%. The company’s strong fundamentals merit its inclusion in our list of the best biotechnology stocks to invest in.

At the end of the third quarter of 2022, 19 hedge funds in the database of Insider Monkey held stakes worth $42.416 million in Ardelyx, Inc. (NASDAQ:ARDX), compared to 16 in the preceding quarter worth $11.256 million.