Ardelyx (NASDAQ:ARDX) Announces Earnings Results

Ardelyx (NASDAQ:ARDX) announced its quarterly earnings results on Thursday. The biopharmaceutical company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.03), FiscalAI reports. Ardelyx had a negative net margin of 15.12% and a negative return on equity of 40.63%. The company had revenue of $94.47 million during the quarter, compared to the consensus estimate of $96.36 million. During the same period in the previous year, the firm posted ($0.17) EPS. The business’s quarterly revenue was up 27.5% compared to the same quarter last year.

Here are the key takeaways from Ardelyx’s conference call:

• IBSRELA delivered 58% year‑over‑year product revenue growth in Q1, the company reiterated 2026 guidance of $410–$430M and is targeting at least $1 billion in annual revenue by 2029.
• XPHOZAH showed continued commercial momentum with total dispenses up 32% and paid prescriptions up 19% YoY, and Ardelyx reiterated 2026 guidance of $110–$120M while emphasizing patient access programs.
• Pipeline expansion includes initiation of the EXHALE Phase III trial in CIC (all pre‑identified sites active, enrollment on track for year‑end, topline data expected H2 2027), ongoing pediatric studies that could extend exclusivity by six months, and IND‑enabling work on next‑gen NHE3 inhibitor RDX10531.
• Financial flexibility improved as Q1 total product revenue was $93.4M (38% YoY), cash and short‑term investments totaled $238.1M, and a refinancing reduced cost of capital and extended loan maturities to support growth investments.
• Operating spend increased meaningfully (Q1 R&D $20.2M, SG&A $102.3M), Ardelyx expects ~ $520M total OpEx for 2026 and reported a Q1 net loss of $37.6M, reflecting continued investment pressure on near‑term profitability.

Ardelyx Stock Up 5.3%

ARDX traded up $0.32 during trading on Thursday, reaching $6.33. 8,443,713 shares of the stock were exchanged, compared to its average volume of 2,617,850. The stock has a market cap of $1.55 billion, a P/E ratio of -25.32 and a beta of 0.66. Ardelyx has a twelve month low of $3.21 and a twelve month high of $8.40. The stock’s 50 day moving average price is $6.02 and its two-hundred day moving average price is $6.14. The company has a debt-to-equity ratio of 1.21, a quick ratio of 4.11 and a current ratio of 4.31.

Analyst Ratings Changes

A number of brokerages have weighed in on ARDX. BTIG Research reaffirmed a “buy” rating and issued a $17.00 price target on shares of Ardelyx in a research note on Friday, February 20th. Williams Trading set a $17.00 price objective on shares of Ardelyx in a research report on Thursday, March 12th. Raymond James Financial reissued a “strong-buy” rating and issued a $19.00 price objective on shares of Ardelyx in a research report on Thursday, January 8th. Piper Sandler raised shares of Ardelyx from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $10.00 to $16.00 in a research report on Thursday, January 8th. Finally, TD Cowen reissued a “buy” rating on shares of Ardelyx in a research report on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $15.70.

Insider Buying and Selling at Ardelyx

In other news, Director David M. Mott bought 333,333 shares of the stock in a transaction that occurred on Friday, February 20th. The shares were acquired at an average cost of $5.84 per share, for a total transaction of $1,946,664.72. Following the completion of the acquisition, the director owned 3,302,918 shares in the company, valued at approximately $19,289,041.12. This represents a 11.22% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Eric Duane Foster sold 10,439 shares of the business’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $5.85, for a total transaction of $61,068.15. Following the transaction, the insider owned 425,970 shares in the company, valued at approximately $2,491,924.50. The trade was a 2.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 128,604 shares of company stock valued at $751,917 in the last 90 days. Company insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Ardelyx

Several institutional investors and hedge funds have recently modified their holdings of the stock. Janus Henderson Group PLC increased its holdings in shares of Ardelyx by 5.0% in the fourth quarter. Janus Henderson Group PLC now owns 14,514,692 shares of the biopharmaceutical company’s stock valued at $84,583,000 after purchasing an additional 690,599 shares during the last quarter. State Street Corp increased its holdings in shares of Ardelyx by 22.6% in the fourth quarter. State Street Corp now owns 11,912,339 shares of the biopharmaceutical company’s stock valued at $69,449,000 after purchasing an additional 2,193,649 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Ardelyx by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 5,827,618 shares of the biopharmaceutical company’s stock valued at $33,981,000 after purchasing an additional 70,832 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Ardelyx by 88.8% in the second quarter. Bank of America Corp DE now owns 5,527,988 shares of the biopharmaceutical company’s stock valued at $21,670,000 after purchasing an additional 2,600,080 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Ardelyx by 18.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,064,746 shares of the biopharmaceutical company’s stock valued at $17,867,000 after purchasing an additional 479,869 shares during the last quarter. 58.92% of the stock is currently owned by institutional investors and hedge funds.

About Ardelyx

Ardelyx, Inc (NASDAQ: ARDX) is a clinical‐stage biopharmaceutical company focused on discovering, developing and commercializing targeted small molecule drugs for cardio‐renal and gastrointestinal diseases. The company’s lead marketed product, tenapanor (sold under the brand name XPHOZAH in the United States), is approved for the treatment of hyperphosphatemia in patients with chronic kidney disease on dialysis. Ardelyx’s proprietary approach targets epithelial transporters in the gastrointestinal tract, offering localized activity with limited systemic exposure.

Beyond tenapanor, Ardelyx’s development pipeline includes treatments designed to address other complications in kidney disease and related metabolic disorders.