Ardelyx (NASDAQ:ARDX) Releases Earnings Results, Hits Estimates

Ardelyx (NASDAQ:ARDX) released its quarterly earnings results on Thursday. The biopharmaceutical company reported $0.02 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.02, Zacks reports. Ardelyx had a negative return on equity of 46.60% and a negative net margin of 28.82%.

Ardelyx Stock Performance

NASDAQ:ARDX traded down $0.77 during mid-day trading on Thursday, reaching $5.59. 3,071,418 shares of the stock were exchanged, compared to its average volume of 4,246,461. The company has a 50 day simple moving average of $5.29 and a 200-day simple moving average of $5.64. The stock has a market capitalization of $1.32 billion, a P/E ratio of -18.52 and a beta of 0.85. The company has a quick ratio of 3.87, a current ratio of 4.03 and a debt-to-equity ratio of 0.64. Ardelyx has a 1 year low of $4.32 and a 1 year high of $9.83.

Analysts Set New Price Targets

Several research firms recently issued reports on ARDX. Piper Sandler increased their target price on Ardelyx from $7.00 to $8.00 and gave the stock a “neutral” rating in a research note on Monday, January 27th. Jefferies Financial Group decreased their target price on Ardelyx from $11.00 to $8.00 and set a “buy” rating on the stock in a research note on Thursday, January 2nd. Cantor Fitzgerald raised Ardelyx to a “strong-buy” rating in a research note on Thursday, January 30th. HC Wainwright reaffirmed a “neutral” rating and issued a $5.50 price target on shares of Ardelyx in a research report on Thursday, January 16th. Finally, Citigroup reduced their price target on Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $9.42.

Insider Buying and Selling

In related news, Director David M. Mott bought 199,000 shares of the stock in a transaction on Tuesday, January 21st. The shares were bought at an average cost of $4.99 per share, for a total transaction of $993,010.00. Following the purchase, the director now owns 1,937,765 shares of the company’s stock, valued at $9,669,447.35. This trade represents a 11.44 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Michael Raab sold 41,666 shares of Ardelyx stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $5.36, for a total value of $223,329.76. Following the completion of the transaction, the chief executive officer now owns 1,108,719 shares in the company, valued at $5,942,733.84. This trade represents a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 133,332 shares of company stock worth $710,576 in the last quarter. 5.90% of the stock is owned by 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.