HC Wainwright Has Bearish Estimate for Ardelyx Q2 Earnings

Key Points

• HC Wainwright trimmed Ardelyx's near‑term and multi‑year EPS estimates—Q2 2026 EPS cut to ($0.03) from ($0.02) and material reductions to FY2026‑FY2029 forecasts—while retaining a Buy rating and an $18 price target.
• Ardelyx's latest quarter missed EPS (‑$0.15 vs. ‑$0.13 expected) but beat on revenue at $94.47 million, a 27.5% year‑over‑year increase.
• Analyst coverage remains largely positive (average rating "Moderate Buy" and average target ~$15.70), but the EPS downgrades combined with insider selling heighten the risk of near‑term volatility.

Ardelyx, Inc. (NASDAQ:ARDX - Free Report) - HC Wainwright reduced their Q2 2026 earnings per share (EPS) estimates for Ardelyx in a note issued to investors on Friday, May 1st. HC Wainwright analyst M. Caufield now forecasts that the biopharmaceutical company will post earnings per share of ($0.03) for the quarter, down from their prior forecast of ($0.02). HC Wainwright has a "Buy" rating and a $18.00 price objective on the stock. HC Wainwright also issued estimates for Ardelyx's Q3 2026 earnings at $0.05 EPS, Q4 2026 earnings at $0.10 EPS, FY2026 earnings at ($0.03) EPS, FY2027 earnings at $0.36 EPS, FY2028 earnings at $0.67 EPS and FY2029 earnings at $1.56 EPS.

A number of other research firms have also recently commented on ARDX. Williams Trading set a $17.00 price target on Ardelyx in a report on Thursday, March 12th. TD Cowen reissued a "buy" rating on shares of Ardelyx in a report on Thursday, January 29th. Jefferies Financial Group reissued a "buy" rating and set a $15.00 price target on shares of Ardelyx in a report on Tuesday, January 27th. Citigroup raised their price target on Ardelyx from $11.00 to $14.00 and gave the company a "buy" rating in a report on Friday, January 9th. Finally, BTIG Research reissued a "buy" rating and set a $17.00 price target on shares of Ardelyx in a report on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Ardelyx presently has an average rating of "Moderate Buy" and an average target price of $15.70.

Ardelyx Price Performance

NASDAQ:ARDX opened at $7.30 on Tuesday. The company has a quick ratio of 3.28, a current ratio of 3.49 and a debt-to-equity ratio of 1.37. The business's 50-day simple moving average is $6.02 and its two-hundred day simple moving average is $6.16. The stock has a market cap of $1.79 billion, a PE ratio of -31.74 and a beta of 0.62. Ardelyx has a 52 week low of $3.21 and a 52 week high of $8.40.

Ardelyx (NASDAQ:ARDX - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The biopharmaceutical company reported ($0.15) EPS for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.02). The business had revenue of $94.47 million for the quarter, compared to the consensus estimate of $92.78 million. Ardelyx had a negative net margin of 13.58% and a negative return on equity of 38.11%. Ardelyx's revenue was up 27.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.17) earnings per share.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ARDX. First Horizon Corp grew its position in Ardelyx by 120.4% in the fourth quarter. First Horizon Corp now owns 7,906 shares of the biopharmaceutical company's stock worth $46,000 after acquiring an additional 4,319 shares in the last quarter. SBI Securities Co. Ltd. grew its position in Ardelyx by 147.0% in the third quarter. SBI Securities Co. Ltd. now owns 10,253 shares of the biopharmaceutical company's stock worth $56,000 after acquiring an additional 6,102 shares in the last quarter. Swiss Life Asset Management Ltd purchased a new position in Ardelyx in the third quarter worth about $57,000. Sumitomo Mitsui Trust Group Inc. purchased a new position in Ardelyx in the fourth quarter worth about $60,000. Finally, State of Wyoming purchased a new position in Ardelyx in the second quarter worth about $61,000. Hedge funds and other institutional investors own 58.92% of the company's stock.

Insider Activity

In other news, insider Eric Duane Foster sold 10,439 shares of the firm's stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $5.85, for a total transaction of $61,068.15. Following the completion of the transaction, the insider owned 425,970 shares in the company, valued at $2,491,924.50. This trade represents a 2.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Mike Kelliher sold 9,595 shares of the firm's stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $5.85, for a total value of $56,130.75. Following the transaction, the insider owned 364,666 shares of the company's stock, valued at approximately $2,133,296.10. The trade was a 2.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 128,604 shares of company stock valued at $751,917. 4.80% of the stock is owned by corporate insiders.

More Ardelyx News

Here are the key news stories impacting Ardelyx this week:

• Positive Sentiment: Sector momentum/presser coverage is supporting the stock intraday — a recent article notes Ardelyx "strengthens amid biotech momentum," which can attract buyers looking for momentum plays. Ardelyx Strengthens Amid Biotech Momentum
• Neutral Sentiment: HC Wainwright kept a Buy rating and an $18 price target on ARDX despite the cuts — this provides some analyst support and suggests the firm still sees longer‑term upside even after lowering numbers. MarketBeat ARDX
• Negative Sentiment: Multiple near‑term EPS downgrades: Q2 2026 est. trimmed to ($0.03) from ($0.02); Q3 2026 to $0.05 from $0.10; Q4 2026 to $0.10 from $0.23. These lower quarterly forecasts increase short‑term earnings risk and can pressure the stock.
• Negative Sentiment: Material cuts to multi‑year outlook: FY2026 EPS cut to ($0.03) (from $0.18), FY2027 cut to $0.36 (from $0.56), FY2028 cut to $0.67 (from $1.07), and FY2029 cut to $1.56 (from $1.68). Lower medium‑term earnings profiles reduce implied valuation support and raise uncertainty about the timing of profitability.
• Negative Sentiment: Investor implication: the combination of downgrades (weakened near‑term earnings) and persistent Buy/price‑target support (longer‑term optimism) creates mixed signals — expect heightened intraday volatility and sensitivity to upcoming sales/earnings or clinical/regulatory updates.

Ardelyx Company Profile

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.

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