Q1 2024 EPS Estimates for Ardelyx, Inc. Decreased by Analyst (NASDAQ:ARDX)

Ardelyx, Inc. (NASDAQ:ARDX - Free Report) - Stock analysts at Wedbush lowered their Q1 2024 earnings per share (EPS) estimates for shares of Ardelyx in a research note issued to investors on Wednesday, April 17th. Wedbush analyst L. Chico now expects that the biopharmaceutical company will post earnings per share of ($0.12) for the quarter, down from their prior estimate of ($0.11). Wedbush has a "Outperform" rating and a $14.00 price objective on the stock. The consensus estimate for Ardelyx's current full-year earnings is ($0.44) per share. Wedbush also issued estimates for Ardelyx's Q2 2024 earnings at ($0.09) EPS, Q3 2024 earnings at ($0.08) EPS, Q4 2024 earnings at ($0.04) EPS, FY2024 earnings at ($0.33) EPS and FY2027 earnings at $1.29 EPS.

Ardelyx (NASDAQ:ARDX - Get Free Report) last announced its quarterly earnings data on Thursday, February 22nd. The biopharmaceutical company reported ($0.12) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.03). The firm had revenue of $34.36 million during the quarter, compared to the consensus estimate of $34.26 million. Ardelyx had a negative net margin of 53.08% and a negative return on equity of 43.57%. The firm's quarterly revenue was down 22.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.06 earnings per share.

Several other analysts also recently commented on the company. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Ardelyx in a research note on Friday, January 12th. Raymond James lifted their price target on Ardelyx from $12.00 to $15.00 and gave the company a "strong-buy" rating in a research note on Tuesday, January 9th. Leerink Partnrs reissued an "outperform" rating on shares of Ardelyx in a research note on Friday, April 5th. Citigroup lifted their price target on Ardelyx from $9.00 to $14.00 and gave the company a "buy" rating in a research note on Wednesday, January 10th. Finally, SVB Leerink initiated coverage on Ardelyx in a research note on Friday, April 5th. They issued an "outperform" rating and a $14.00 price target on the stock. One analyst has rated the stock with a sell rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $12.69.

Ardelyx Trading Up 0.6 %

Ardelyx stock traded up $0.04 during mid-day trading on Friday, hitting $6.48. 5,643,598 shares of the company's stock were exchanged, compared to its average volume of 6,131,967. The firm has a market capitalization of $1.51 billion, a P/E ratio of -21.60 and a beta of 0.85. Ardelyx has a fifty-two week low of $3.16 and a fifty-two week high of $10.13. The company has a quick ratio of 4.64, a current ratio of 4.88 and a debt-to-equity ratio of 0.30. The company's 50 day simple moving average is $8.13 and its 200-day simple moving average is $6.59.

Insider Buying and Selling

In related news, CEO Michael Raab sold 7,500 shares of Ardelyx stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $7.06, for a total transaction of $52,950.00. Following the completion of the transaction, the chief executive officer now owns 1,310,933 shares in the company, valued at $9,255,186.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Ardelyx news, insider David P. Rosenbaum sold 5,183 shares of the firm's stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $9.20, for a total transaction of $47,683.60. Following the completion of the sale, the insider now directly owns 175,936 shares in the company, valued at $1,618,611.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Raab sold 7,500 shares of Ardelyx stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $7.06, for a total transaction of $52,950.00. Following the completion of the sale, the chief executive officer now owns 1,310,933 shares of the company's stock, valued at $9,255,186.98. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 148,820 shares of company stock worth $1,208,524. Company insiders own 5.50% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. State Street Corp raised its position in Ardelyx by 47.6% during the second quarter. State Street Corp now owns 22,437,564 shares of the biopharmaceutical company's stock valued at $76,063,000 after purchasing an additional 7,234,448 shares in the last quarter. BlackRock Inc. grew its stake in shares of Ardelyx by 278.7% during the second quarter. BlackRock Inc. now owns 14,030,392 shares of the biopharmaceutical company's stock worth $47,563,000 after buying an additional 10,325,699 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Ardelyx by 12.6% during the fourth quarter. Vanguard Group Inc. now owns 13,026,046 shares of the biopharmaceutical company's stock worth $80,761,000 after buying an additional 1,460,246 shares during the last quarter. Eventide Asset Management LLC grew its stake in shares of Ardelyx by 152.5% during the fourth quarter. Eventide Asset Management LLC now owns 6,805,494 shares of the biopharmaceutical company's stock worth $42,194,000 after buying an additional 4,110,494 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in shares of Ardelyx during the second quarter worth $2,950,000. 58.92% of the stock is currently owned by institutional investors and hedge funds.

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.