Ardelyx (NASDAQ:ARDX) Releases Earnings Results, Misses Estimates By $0.07 EPS

Ardelyx (NASDAQ:ARDX - Get Free Report) posted its quarterly earnings data on Thursday. The biopharmaceutical company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.07), Zacks reports. The firm had revenue of $74.11 million for the quarter, compared to analyst estimates of $79.40 million. Ardelyx had a negative return on equity of 24.87% and a negative net margin of 11.73%. The firm's quarterly revenue was up 61.1% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.11) EPS.

Ardelyx Trading Down 9.7 %

Shares of NASDAQ ARDX traded down $0.40 during midday trading on Monday, reaching $3.73. 13,972,520 shares of the stock were exchanged, compared to its average volume of 4,384,899. Ardelyx has a 12 month low of $3.62 and a 12 month high of $9.33. The company has a market capitalization of $889.07 million, a price-to-earnings ratio of -23.31 and a beta of 0.76. The company has a debt-to-equity ratio of 0.87, a current ratio of 4.58 and a quick ratio of 4.31. The business has a 50-day simple moving average of $4.98 and a two-hundred day simple moving average of $5.23.

Analyst Upgrades and Downgrades

ARDX has been the topic of several research reports. Cantor Fitzgerald raised Ardelyx to a "strong-buy" rating in a research note on Tuesday, March 4th. Raymond James lowered shares of Ardelyx from a "strong-buy" rating to an "outperform" rating and set a $11.00 target price on the stock. in a research note on Friday. LADENBURG THALM/SH SH reiterated a "buy" rating and set a $11.00 price target on shares of Ardelyx in a research report on Friday, March 7th. Piper Sandler upgraded shares of Ardelyx to a "hold" rating in a report on Wednesday, March 12th. Finally, HC Wainwright reaffirmed a "neutral" rating and set a $5.50 target price on shares of Ardelyx in a report on Friday, February 21st. One analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $10.39.

Insider Activity at Ardelyx

In other Ardelyx news, Director David M. Mott purchased 381,377 shares of the stock in a transaction on Friday, May 2nd. The stock was bought at an average cost of $4.22 per share, for a total transaction of $1,609,410.94. Following the completion of the acquisition, the director now directly owns 2,396,871 shares of the company's stock, valued at $10,114,795.62. The trade was a 18.92 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Raab sold 41,666 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $4.25, for a total value of $177,080.50. Following the sale, the chief executive officer now directly owns 1,594,754 shares in the company, valued at approximately $6,777,704.50. This represents a 2.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 158,076 shares of company stock worth $777,555 in the last quarter. Corporate insiders own 5.90% of the company's stock.

About Ardelyx

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.