Ardelyx (NASDAQ:ARDX) Releases Quarterly Earnings Results, Hits Expectations

Ardelyx (NASDAQ:ARDX) posted its quarterly earnings results on Thursday. The biopharmaceutical company reported $0.02 EPS for the quarter, meeting the consensus estimate of $0.02, Zacks reports. Ardelyx had a negative return on equity of 46.60% and a negative net margin of 28.82%.

Ardelyx Price Performance

Shares of NASDAQ ARDX traded down $0.77 during trading on Thursday, reaching $5.59. The company had a trading volume of 3,071,418 shares, compared to its average volume of 4,246,461. Ardelyx has a twelve month low of $4.32 and a twelve month high of $9.83. The stock has a market capitalization of $1.32 billion, a PE ratio of -18.52 and a beta of 0.85. The stock has a 50-day moving average price of $5.29 and a two-hundred day moving average price of $5.64. The company has a current ratio of 4.03, a quick ratio of 3.87 and a debt-to-equity ratio of 0.64.

Insider Transactions at Ardelyx

In other news, CEO Michael Raab sold 41,666 shares of Ardelyx stock in a transaction on Friday, January 31st. The stock was sold at an average price of $5.36, for a total value of $223,329.76. Following the completion of the sale, the chief executive officer now owns 1,108,719 shares of the company’s stock, valued at $5,942,733.84. The trade was a 3.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David M. Mott acquired 213,300 shares of the stock in a transaction dated Thursday, December 19th. The stock was acquired at an average cost of $4.67 per share, with a total value of $996,111.00. Following the transaction, the director now owns 1,638,765 shares of the company’s stock, valued at approximately $7,653,032.55. This trade represents a 14.96 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 133,332 shares of company stock valued at $710,576 over the last three months. 5.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

ARDX has been the subject of several recent analyst reports. Cantor Fitzgerald raised Ardelyx to a “strong-buy” rating in a report on Thursday, January 30th. Piper Sandler raised their price target on Ardelyx from $7.00 to $8.00 and gave the company a “neutral” rating in a report on Monday, January 27th. Jefferies Financial Group reduced their price target on Ardelyx from $11.00 to $8.00 and set a “buy” rating for the company in a report on Thursday, January 2nd. HC Wainwright reaffirmed a “neutral” rating and set a $5.50 price objective on shares of Ardelyx in a report on Thursday, January 16th. Finally, Citigroup reduced their price objective on Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a report on Monday, November 4th. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $9.42.

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.