Ardelyx (NASDAQ:ARDX) Hits New 12-Month Low – What’s Next?

Ardelyx, Inc. (NASDAQ:ARDX) shares reached a new 52-week low on Thursday . The company traded as low as $3.68 and last traded at $3.6950, with a volume of 609071 shares. The stock had previously closed at $3.80.

Analyst Ratings Changes

ARDX has been the topic of several analyst reports. Piper Sandler lowered their price target on shares of Ardelyx from $16.00 to $15.00 and set an “overweight” rating on the stock in a report on Monday, August 17th. Wedbush reaffirmed an “outperform” rating and set a $9.00 price objective on shares of Ardelyx in a report on Tuesday, August 18th. HC Wainwright reiterated a “buy” rating and set a $13.00 target price on shares of Ardelyx in a research report on Friday, August 7th. LADENBURG THALM/SH SH began coverage on shares of Ardelyx in a research note on Tuesday, June 16th. They issued a “buy” rating and a $16.00 target price on the stock. Finally, TD Cowen dropped their price target on shares of Ardelyx from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $13.90.

Ardelyx Stock Down 1.1%

The firm has a market capitalization of $892.10 million, a price-to-earnings ratio of -16.27 and a beta of 0.70. The firm has a fifty day moving average price of $4.46 and a 200 day moving average price of $5.47. The company has a current ratio of 3.34, a quick ratio of 3.15 and a debt-to-equity ratio of 1.69.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.02). The business had revenue of $120.88 million for the quarter, compared to analyst estimates of $121.03 million. Ardelyx had a negative net margin of 12.35% and a negative return on equity of 36.00%. The company’s revenue for the quarter was up 34.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.08) earnings per share. Sell-side analysts anticipate that Ardelyx, Inc. will post -0.2 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider James Brady sold 15,136 shares of Ardelyx stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $3.86, for a total value of $58,424.96. Following the completion of the transaction, the insider directly owned 245,930 shares of the company’s stock, valued at $949,289.80. The trade was a 5.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael Raab sold 58,574 shares of the company’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $3.86, for a total transaction of $226,095.64. Following the transaction, the chief executive officer owned 1,619,792 shares in the company, valued at approximately $6,252,397.12. This trade represents a 3.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 126,059 shares of company stock valued at $486,588 in the last 90 days. 5.30% of the stock is owned by corporate insiders.

Institutional Trading of Ardelyx

Several hedge funds have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Ardelyx during the second quarter valued at $35,000. SCS Capital Management LLC acquired a new stake in Ardelyx in the second quarter worth about $52,000. ADAR1 Capital Management LLC acquired a new stake in Ardelyx in the second quarter worth about $56,000. State of Wyoming bought a new stake in Ardelyx during the 2nd quarter worth about $61,000. Finally, PVG Asset Management Corp bought a new stake in Ardelyx during the 1st quarter worth about $65,000. 58.92% of the stock is owned by institutional investors.

About Ardelyx

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.