Ardelyx (NASDAQ:ARDX – Get Rating) released its quarterly earnings results on Thursday. The biopharmaceutical company reported ($0.19) EPS for the quarter, meeting the consensus estimate of ($0.19), Fidelity Earnings reports. Ardelyx had a negative net margin of 2,594.88% and a negative return on equity of 177.22%. During the same period in the prior year, the business posted ($0.45) earnings per share.
Ardelyx Trading Up 4.0 %
Shares of ARDX traded up $0.03 during trading hours on Friday, reaching $0.85. The company had a trading volume of 2,427,264 shares, compared to its average volume of 1,526,349. The firm has a 50 day simple moving average of $0.65 and a 200-day simple moving average of $0.78. The company has a market capitalization of $123.34 million, a price-to-earnings ratio of -0.75 and a beta of 1.84. Ardelyx has a 12-month low of $0.49 and a 12-month high of $1.92.
Analyst Upgrades and Downgrades
ARDX has been the subject of a number of analyst reports. StockNews.com downgraded shares of Ardelyx from a “hold” rating to a “sell” rating in a research report on Saturday. Cantor Fitzgerald downgraded shares of Ardelyx from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $7.00 to $1.00 in a research report on Friday, May 6th. Wedbush restated a “neutral” rating on shares of Ardelyx in a research report on Friday. Finally, Piper Sandler cut their price objective on shares of Ardelyx from $4.00 to $3.00 and set a “neutral” rating for the company in a research report on Wednesday, May 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $4.83.
Institutional Investors Weigh In On Ardelyx
Hedge funds have recently modified their holdings of the stock. Mirabella Financial Services LLP acquired a new stake in shares of Ardelyx in the first quarter worth approximately $51,000. Bank of America Corp DE boosted its position in shares of Ardelyx by 1,071.8% in the first quarter. Bank of America Corp DE now owns 492,666 shares of the biopharmaceutical company’s stock worth $527,000 after acquiring an additional 450,623 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Ardelyx by 81.1% in the first quarter. Bank of New York Mellon Corp now owns 549,816 shares of the biopharmaceutical company’s stock worth $588,000 after acquiring an additional 246,147 shares during the last quarter. Worth Venture Partners LLC boosted its position in shares of Ardelyx by 39.4% in the first quarter. Worth Venture Partners LLC now owns 768,036 shares of the biopharmaceutical company’s stock worth $822,000 after acquiring an additional 217,061 shares during the last quarter. Finally, State Street Corp boosted its position in shares of Ardelyx by 7.0% in the first quarter. State Street Corp now owns 2,127,557 shares of the biopharmaceutical company’s stock worth $2,276,000 after acquiring an additional 139,484 shares during the last quarter. 32.35% of the stock is owned by institutional investors and hedge funds.
Ardelyx Company Profile
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, which has completed Phase III clinical trial for the treatment of patients with irritable bowel syndrome with constipation, as well as in Phase III clinical trial to control serum phosphorus in adult patients with chronic kidney disease (CKD)on dialysis, or hyperphosphatemia.
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