Ardelyx (NASDAQ:ARDX) Issues Earnings Results

Ardelyx (NASDAQ:ARDX - Get Free Report) issued its earnings results on Thursday, May 1st. The biopharmaceutical company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.07), Zacks reports. The firm had revenue of $74.11 million during the quarter, compared to analysts' expectations of $79.40 million. Ardelyx had a negative return on equity of 24.87% and a negative net margin of 11.73%. Ardelyx's quarterly revenue was up 61.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.11) earnings per share.

Ardelyx Price Performance

ARDX stock traded down $0.03 during mid-day trading on Thursday, reaching $3.67. The company's stock had a trading volume of 4,243,183 shares, compared to its average volume of 4,864,415. The company has a current ratio of 4.58, a quick ratio of 4.31 and a debt-to-equity ratio of 0.87. The company's 50 day moving average is $4.92 and its two-hundred day moving average is $5.21. Ardelyx has a fifty-two week low of $3.50 and a fifty-two week high of $8.57. The stock has a market cap of $878.07 million, a PE ratio of -22.94 and a beta of 0.76.

Insider Activity at Ardelyx

In related news, CEO Michael Raab sold 22,964 shares of the company's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $5.62, for a total value of $129,057.68. Following the completion of the sale, the chief executive officer now owns 1,085,755 shares of the company's stock, valued at approximately $6,101,943.10. This represents a 2.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Laura A. Williams sold 4,941 shares of Ardelyx stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $5.62, for a total transaction of $27,768.42. Following the transaction, the insider now directly owns 303,804 shares in the company, valued at $1,707,378.48. This trade represents a 1.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 158,076 shares of company stock valued at $777,555. 5.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Scotiabank initiated coverage on shares of Ardelyx in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $15.00 price target for the company. BTIG Research initiated coverage on shares of Ardelyx in a report on Tuesday, March 4th. They set a "buy" rating and a $14.00 price objective on the stock. Piper Sandler upgraded shares of Ardelyx to a "hold" rating in a research note on Wednesday, March 12th. Citigroup cut their price objective on shares of Ardelyx from $11.00 to $10.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Finally, Cantor Fitzgerald raised shares of Ardelyx to a "strong-buy" rating in a research note on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $10.39.

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.