Ardelyx (NASDAQ:ARDX) Announces Earnings Results, Misses Estimates By $0.03 EPS

Ardelyx (NASDAQ:ARDX) released its earnings results on Thursday. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.03), FiscalAI reports. Ardelyx had a negative net margin of 14.20% and a negative return on equity of 36.91%. The firm had revenue of $125.22 million during the quarter, compared to analysts’ expectations of $118.04 million.

Ardelyx Stock Up 0.3%

Shares of NASDAQ ARDX traded up $0.02 during midday trading on Thursday, hitting $6.74. The company’s stock had a trading volume of 6,629,930 shares, compared to its average volume of 5,353,546. The company has a debt-to-equity ratio of 1.31, a current ratio of 4.41 and a quick ratio of 4.11. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of -29.30 and a beta of 0.57. The business’s fifty day simple moving average is $6.76 and its two-hundred day simple moving average is $6.09. Ardelyx has a 1 year low of $3.21 and a 1 year high of $8.40.

Analyst Ratings Changes

Several brokerages have recently weighed in on ARDX. Piper Sandler upgraded Ardelyx from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $10.00 to $16.00 in a report on Thursday, January 8th. Wedbush upped their target price on Ardelyx from $16.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, January 21st. Jefferies Financial Group reiterated a “buy” rating and set a $15.00 price target on shares of Ardelyx in a report on Tuesday, January 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Ardelyx in a research report on Wednesday, January 21st. Finally, Raymond James Financial reissued a “strong-buy” rating and issued a $19.00 price target on shares of Ardelyx in a research note on Thursday, January 8th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $14.36.

Insider Buying and Selling at Ardelyx

In other Ardelyx news, insider Elizabeth A. Grammer sold 5,995 shares of the company’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $5.54, for a total transaction of $33,212.30. Following the sale, the insider owned 299,895 shares in the company, valued at $1,661,418.30. This represents a 1.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Laura A. Williams sold 50,000 shares of Ardelyx stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $6.98, for a total value of $349,000.00. Following the completion of the transaction, the insider owned 361,563 shares of the company’s stock, valued at $2,523,709.74. The trade was a 12.15% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 114,868 shares of company stock valued at $708,369 in the last quarter. Corporate insiders own 4.80% of the company’s stock.

Institutional Trading of Ardelyx

A number of institutional investors have recently bought and sold shares of ARDX. State of Wyoming acquired a new position in Ardelyx in the second quarter valued at approximately $61,000. Osaic Holdings Inc. boosted its position in shares of Ardelyx by 28.2% in the 2nd quarter. Osaic Holdings Inc. now owns 16,854 shares of the biopharmaceutical company’s stock valued at $66,000 after purchasing an additional 3,709 shares during the period. Focus Partners Wealth purchased a new stake in Ardelyx in the first quarter valued at approximately $72,000. Jain Global LLC acquired a new position in shares of Ardelyx in the 3rd quarter valued at $74,000. Finally, WINTON GROUP Ltd purchased a new position in Ardelyx during the 4th quarter worth $79,000. 58.92% of the stock is owned by hedge funds and other institutional investors.

About Ardelyx

Ardelyx, Inc (NASDAQ: ARDX) is a clinical?stage biopharmaceutical company focused on discovering, developing and commercializing targeted small molecule drugs for cardio?renal and gastrointestinal diseases. The company’s lead marketed product, tenapanor (sold under the brand name XPHOZAH in the United States), is approved for the treatment of hyperphosphatemia in patients with chronic kidney disease on dialysis. Ardelyx’s proprietary approach targets epithelial transporters in the gastrointestinal tract, offering localized activity with limited systemic exposure.

Beyond tenapanor, Ardelyx’s development pipeline includes treatments designed to address other complications in kidney disease and related metabolic disorders.