Ardelyx (NASDAQ:ARDX) Reaches New 12-Month Low – Here’s Why

Ardelyx, Inc. (NASDAQ:ARDX)’s stock price reached a new 52-week low on Thursday . The stock traded as low as $3.68 and last traded at $3.6950, with a volume of 609071 shares trading hands. The stock had previously closed at $3.80.

Analyst Ratings Changes

ARDX has been the topic of a number of recent research reports. BTIG Research reduced their price objective on Ardelyx from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Citigroup dropped their target price on Ardelyx from $14.00 to $11.00 and set a “buy” rating on the stock in a report on Monday, August 10th. HC Wainwright restated a “buy” rating and issued a $13.00 price target on shares of Ardelyx in a report on Friday, August 7th. Zacks Research cut Ardelyx from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 22nd. Finally, Piper Sandler dropped their price objective on shares of Ardelyx from $16.00 to $15.00 and set an “overweight” rating on the stock in a research note on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.90.

Ardelyx Trading Down 3.3%

The company has a quick ratio of 3.15, a current ratio of 3.34 and a debt-to-equity ratio of 1.69. The business’s 50 day moving average is $4.53 and its 200-day moving average is $5.50. The firm has a market cap of $915.77 million, a P/E ratio of -16.70 and a beta of 0.70.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.02). The firm had revenue of $120.88 million during the quarter, compared to the consensus estimate of $121.03 million. Ardelyx had a negative net margin of 12.35% and a negative return on equity of 36.00%. The firm’s quarterly revenue was up 34.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.08) earnings per share. As a group, analysts forecast that Ardelyx, Inc. will post -0.2 earnings per share for the current fiscal year.

Insider Activity at Ardelyx

In other news, insider John E. Bishop sold 19,750 shares of the business’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $3.86, for a total value of $76,235.00. Following the sale, the insider owned 317,095 shares of the company’s stock, valued at approximately $1,223,986.70. The trade was a 5.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Eric Foster sold 8,562 shares of the company’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $3.86, for a total transaction of $33,049.32. Following the completion of the sale, the insider directly owned 409,410 shares of the company’s stock, valued at $1,580,322.60. The trade was a 2.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 126,059 shares of company stock valued at $486,588. 5.30% of the stock is owned by corporate insiders.

Institutional Trading of Ardelyx

Several hedge funds and other institutional investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Ardelyx in the second quarter worth approximately $35,000. SCS Capital Management LLC bought a new position in Ardelyx during the second quarter valued at about $52,000. ADAR1 Capital Management LLC acquired a new stake in Ardelyx in the 2nd quarter worth approximately $56,000. Krilogy Financial LLC acquired a new stake in shares of Ardelyx in the first quarter worth $70,000. Finally, PVG Asset Management Corp bought a new stake in Ardelyx during the first quarter valued at about $65,000. Institutional investors and hedge funds own 58.92% of the company’s stock.

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.