Ardelyx (NASDAQ:ARDX) Announces Earnings Results

Ardelyx (NASDAQ:ARDX) issued its quarterly earnings results on Thursday. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.04, Briefing.com reports. Ardelyx had a negative net margin of 31.02% and a negative return on equity of 38.41%. The business had revenue of $73.20 million for the quarter, compared to analysts’ expectations of $55.03 million. The business’s quarterly revenue was up 228.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.08) earnings per share.

Ardelyx Price Performance

Shares of NASDAQ ARDX opened at $6.05 on Friday. The stock’s 50-day simple moving average is $6.11 and its 200-day simple moving average is $7.40. The firm has a market capitalization of $1.41 billion, a PE ratio of -21.61 and a beta of 0.83. Ardelyx has a fifty-two week low of $3.16 and a fifty-two week high of $10.13. The company has a debt-to-equity ratio of 0.66, a quick ratio of 4.36 and a current ratio of 4.53.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on ARDX shares. Piper Sandler lowered shares of Ardelyx from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $15.00 to $7.00 in a report on Tuesday, July 2nd. StockNews.com upgraded Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday. Citigroup boosted their target price on Ardelyx from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday. Wedbush restated an “outperform” rating and set a $11.00 price target on shares of Ardelyx in a report on Friday. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Ardelyx in a research note on Thursday, June 20th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $11.29.

Insider Activity at Ardelyx

In other news, insider Robert Ora Felsch sold 207,988 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $8.81, for a total transaction of $1,832,374.28. Following the completion of the sale, the insider now owns 95,947 shares in the company, valued at approximately $845,293.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Michael Raab sold 30,000 shares of the company’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $5.64, for a total value of $169,200.00. Following the completion of the sale, the chief executive officer now directly owns 1,260,463 shares of the company’s stock, valued at approximately $7,109,011.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Robert Ora Felsch sold 207,988 shares of Ardelyx stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $8.81, for a total value of $1,832,374.28. Following the transaction, the insider now directly owns 95,947 shares in the company, valued at approximately $845,293.07. The disclosure for this sale can be found here. Insiders sold 494,170 shares of company stock valued at $3,752,676 over the last three months. 5.50% of the stock is owned by corporate insiders.

About Ardelyx

Ardelyx, Inc, a biopharmaceutical company, discovers, develops, and commercializes medicines to treat gastrointestinal and cardiorenal therapeutic areas in the United States and internationally. The company's lead product candidate is tenapanor for the treatment of patients with irritable bowel syndrome with constipation.