Ardelyx (NASDAQ:ARDX) Posts Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Key Points

• Ardelyx reported earnings of ($0.08) per share for the quarter, exceeding the consensus estimate of ($0.12) by $0.04.
• The company's stock price rose 1.4% to $4.39, with a market capitalization of $1.05 billion.
• Analyst ratings for Ardelyx include 7 buy ratings and a consensus target price of $10.88, while one analyst downgraded the stock to a "sell" rating.

Ardelyx (NASDAQ:ARDX - Get Free Report) announced its earnings results on Monday. The biopharmaceutical company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.05, Zacks reports. Ardelyx had a negative return on equity of 34.45% and a negative net margin of 14.86%. The company had revenue of $97.66 million for the quarter, compared to analyst estimates of $82.69 million. During the same quarter in the prior year, the company earned ($0.07) EPS. The firm's revenue for the quarter was up 23.0% compared to the same quarter last year.

Ardelyx Stock Up 1.4%

ARDX opened at $4.39 on Tuesday. The company has a market cap of $1.05 billion, a P/E ratio of -19.95 and a beta of 0.68. The business's 50-day moving average price is $4.06 and its 200-day moving average price is $4.63. The company has a current ratio of 4.12, a quick ratio of 3.81 and a debt-to-equity ratio of 1.04. Ardelyx has a 12 month low of $3.21 and a 12 month high of $7.18.

Wall Street Analysts Forecast Growth

ARDX has been the topic of several recent research reports. Citigroup cut their price target on Ardelyx from $11.00 to $10.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Raymond James Financial lowered Ardelyx from a "strong-buy" rating to an "outperform" rating and set a $11.00 price target on the stock. in a report on Friday, May 2nd. HC Wainwright initiated coverage on Ardelyx in a report on Wednesday, June 18th. They issued a "buy" rating and a $10.00 price target on the stock. Finally, Wall Street Zen lowered Ardelyx from a "hold" rating to a "sell" rating in a report on Monday, May 5th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Ardelyx has a consensus rating of "Moderate Buy" and an average price target of $10.88.

Insider Transactions at Ardelyx

In other Ardelyx news, CEO Michael Raab sold 46,817 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $4.08, for a total transaction of $191,013.36. Following the transaction, the chief executive officer owned 1,547,937 shares in the company, valued at approximately $6,315,582.96. This represents a 2.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mike Kelliher sold 14,522 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $4.08, for a total value of $59,249.76. Following the transaction, the insider owned 282,158 shares in the company, valued at $1,151,204.64. This trade represents a 4.89% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 500,000 shares of company stock valued at $1,793,000 and have sold 83,477 shares valued at $340,586. Corporate insiders own 4.80% of the company's stock.

Institutional Trading of Ardelyx

A number of hedge funds have recently made changes to their positions in ARDX. Goldman Sachs Group Inc. lifted its position in Ardelyx by 10.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,378,738 shares of the biopharmaceutical company's stock valued at $11,680,000 after acquiring an additional 221,486 shares in the last quarter. Strs Ohio bought a new position in Ardelyx in the 1st quarter valued at approximately $135,000. Focus Partners Wealth bought a new position in Ardelyx in the 1st quarter valued at approximately $72,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Ardelyx by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 159,061 shares of the biopharmaceutical company's stock valued at $781,000 after acquiring an additional 4,436 shares in the last quarter. 58.92% of the stock is owned by institutional investors.

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.