Ardelyx (NASDAQ:ARDX) Shares Gap Up on Strong Earnings

Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report)'s share price gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $6.79, but opened at $8.36. Ardelyx shares last traded at $8.45, with a volume of 8,785,366 shares changing hands.

The biopharmaceutical company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.13) by $0.02. The business had revenue of $46.00 million for the quarter, compared to the consensus estimate of $36.40 million. Ardelyx had a negative return on equity of 43.57% and a negative net margin of 53.08%. The firm's quarterly revenue was up 303.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.13) earnings per share.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on ARDX shares. Cantor Fitzgerald restated an "overweight" rating on shares of Ardelyx in a research note on Friday, January 12th. Leerink Partnrs reiterated an "outperform" rating on shares of Ardelyx in a research report on Friday, April 5th. Citigroup upped their price objective on Ardelyx from $13.00 to $14.00 and gave the company a "buy" rating in a research note on Friday. Piper Sandler lifted their target price on shares of Ardelyx from $12.00 to $15.00 and gave the stock an "overweight" rating in a research report on Friday, February 23rd. Finally, SVB Leerink began coverage on shares of Ardelyx in a report on Friday, April 5th. They set an "outperform" rating and a $14.00 target price on the stock. One equities research 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 company's stock. Based on data from MarketBeat, Ardelyx has a consensus rating of "Moderate Buy" and a consensus price target of $12.81.

Insider Activity

In related news, insider Elizabeth A. Grammer sold 86,000 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $7.73, for a total value of $664,780.00. Following the transaction, the insider now directly owns 312,993 shares in the company, valued at approximately $2,419,435.89. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Ardelyx news, insider David P. Rosenbaum sold 15,344 shares of the business's stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $9.18, for a total transaction of $140,857.92. Following the completion of the sale, the insider now directly owns 384,002 shares of the company's stock, valued at approximately $3,525,138.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Elizabeth A. Grammer sold 86,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $7.73, for a total value of $664,780.00. Following the completion of the transaction, the insider now owns 312,993 shares in the company, valued at approximately $2,419,435.89. The disclosure for this sale can be found here. Insiders sold a total of 178,820 shares of company stock worth $1,400,524 over the last quarter. 5.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ardelyx

Hedge funds have recently bought and sold shares of the company. HighMark Wealth Management LLC bought a new position in shares of Ardelyx during the first quarter valued at about $36,000. Newbridge Financial Services Group Inc. bought a new position in shares of Ardelyx during the 1st quarter worth approximately $64,000. Willis Johnson & Associates Inc. purchased a new position in shares of Ardelyx in the 3rd quarter worth approximately $41,000. SJS Investment Consulting Inc. purchased a new position in shares of Ardelyx in the 4th quarter worth approximately $62,000. Finally, Jump Financial LLC bought a new position in shares of Ardelyx in the fourth quarter valued at approximately $63,000. 58.92% of the stock is owned by hedge funds and other institutional investors.

Ardelyx Stock Up 28.4 %

The stock has a 50-day moving average of $7.67 and a 200 day moving average of $6.79. The company has a market capitalization of $2.04 billion, a PE ratio of -29.07 and a beta of 0.87. The company has a quick ratio of 4.64, a current ratio of 4.88 and a debt-to-equity ratio of 0.30.

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.