Ardelyx (NASDAQ:ARDX) Hits New 52-Week Low After Earnings Miss

Ardelyx, Inc. (NASDAQ:ARDX)’s stock price reached a new 52-week low on Friday following a dissappointing earnings announcement. The company traded as low as $4.10 and last traded at $4.0290, with a volume of 290171 shares traded. The stock had previously closed at $4.87.

The biopharmaceutical company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.02). The business had revenue of $120.88 million during the quarter, compared to analyst estimates of $121.03 million. Ardelyx had a negative net margin of 13.58% and a negative return on equity of 38.11%. Ardelyx’s revenue was up 34.3% compared to the same quarter last year. During the same period last year, the business posted ($0.08) EPS.

Wall Street Analyst Weigh In

Several brokerages recently commented on ARDX. LADENBURG THALM/SH SH initiated coverage on shares of Ardelyx in a research note on Tuesday, June 16th. They issued a “buy” rating and a $16.00 price objective for the company. Weiss Ratings cut shares of Ardelyx from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, June 29th. HC Wainwright reiterated a “buy” rating and set a $13.00 price target on shares of Ardelyx in a research report on Friday. Finally, Zacks Research lowered Ardelyx from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 22nd. One 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 data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $15.60.

Insider Buying and Selling at Ardelyx

In related news, insider Mike Kelliher sold 7,248 shares of the business’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $6.27, for a total value of $45,444.96. Following the sale, the insider directly owned 357,418 shares in the company, valued at $2,241,010.86. The trade was a 1.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Eric Duane Foster sold 7,998 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $6.27, for a total transaction of $50,147.46. Following the completion of the sale, the insider directly owned 417,972 shares in the company, valued at approximately $2,620,684.44. The trade was a 1.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 24,572 shares of company stock valued at $154,066 in the last ninety days. Corporate insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ARDX. First Horizon Corp grew its holdings in Ardelyx by 120.4% during the 4th quarter. First Horizon Corp now owns 7,906 shares of the biopharmaceutical company’s stock valued at $46,000 after buying an additional 4,319 shares during the last quarter. SCS Capital Management LLC acquired a new position in shares of Ardelyx in the second quarter worth $52,000. Sumitomo Mitsui Trust Group Inc. purchased a new stake in shares of Ardelyx in the fourth quarter valued at $60,000. Krilogy Financial LLC acquired a new stake in shares of Ardelyx during the first quarter valued at $70,000. Finally, PVG Asset Management Corp purchased a new stake in Ardelyx during the 1st quarter worth about $65,000. 58.92% of the stock is owned by hedge funds and other institutional investors.

Ardelyx Stock Down 17.3%

The firm’s 50 day moving average is $5.41 and its two-hundred day moving average is $6.09. The company has a current ratio of 3.49, a quick ratio of 3.28 and a debt-to-equity ratio of 1.37. The stock has a market cap of $995.04 million, a price-to-earnings ratio of -17.26 and a beta of 0.70.

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.