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

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.

Insider Activity

In related news, insider Susan Rodriguez sold 43,920 shares of the stock in a transaction dated Monday, June 6th. The shares were sold at an average price of $0.65, for a total value of $28,548.00. Following the sale, the insider now directly owns 289,593 shares of the company’s stock, valued at approximately $188,235.45. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Ardelyx news, insider Susan Rodriguez sold 43,920 shares of the firm’s stock in a transaction dated Monday, June 6th. The shares were sold at an average price of $0.65, for a total transaction of $28,548.00. Following the sale, the insider now directly owns 289,593 shares of the company’s stock, valued at approximately $188,235.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Raab sold 103,624 shares of the firm’s stock in a transaction dated Monday, June 6th. The stock was sold at an average price of $0.65, for a total transaction of $67,355.60. Following the sale, the chief executive officer now directly owns 668,826 shares in the company, valued at $434,736.90. The disclosure for this sale can be found here. Insiders sold 235,185 shares of company stock worth $153,157 in the last 90 days. 5.95% of the stock is currently owned by corporate insiders.

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

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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.