Ardelyx (NASDAQ:ARDX) Announces Quarterly Earnings Results

Ardelyx (NASDAQ:ARDX) posted its quarterly earnings data on Thursday. The biopharmaceutical company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.02, Briefing.com reports. Ardelyx had a negative return on equity of 43.57% and a negative net margin of 53.08%. The business had revenue of $46.00 million for the quarter, compared to analysts’ expectations of $36.40 million. During the same quarter in the previous year, the firm earned ($0.13) earnings per share. The business’s revenue was up 303.5% on a year-over-year basis.

Ardelyx Price Performance

Ardelyx stock traded up $1.93 during midday trading on Friday, hitting $8.72. 24,957,874 shares of the company’s stock were exchanged, compared to its average volume of 6,263,305. Ardelyx has a 52-week low of $3.16 and a 52-week high of $10.13. The stock has a 50-day moving average price of $7.67 and a two-hundred day moving average price of $6.79. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.64 and a current ratio of 4.88. The company has a market cap of $2.04 billion, a P/E ratio of -29.07 and a beta of 0.87.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ARDX shares. Citigroup boosted their price objective on Ardelyx from $13.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday. SVB Leerink started coverage on Ardelyx in a research note on Friday, April 5th. They issued an “outperform” rating and a $14.00 target price on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of Ardelyx in a research note on Friday, January 12th. StockNews.com lowered Ardelyx from a “hold” rating to a “sell” rating in a research note on Monday, February 26th. Finally, Wedbush boosted their target price on Ardelyx from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $12.81.

Insider Buying and Selling

In other news, insider David P. Rosenbaum sold 5,183 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $9.20, for a total value of $47,683.60. Following the completion of the transaction, the insider now directly owns 175,936 shares in the company, valued at approximately $1,618,611.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Michael Raab sold 30,000 shares of the company’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $6.40, for a total value of $192,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,310,933 shares in the company, valued at approximately $8,389,971.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David P. Rosenbaum sold 5,183 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $9.20, for a total value of $47,683.60. Following the sale, the insider now owns 175,936 shares of the company’s stock, valued at $1,618,611.20. The disclosure for this sale can be found here. Insiders sold a total of 178,820 shares of company stock worth $1,400,524 over the last ninety days. 5.50% of the stock is owned by corporate insiders.

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 for the treatment of patients with irritable bowel syndrome with constipation.