Ardelyx (NASDAQ:ARDX) Issues Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Ardelyx (NASDAQ:ARDX) released its quarterly earnings data on Thursday. The biopharmaceutical company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.02), FiscalAI reports. Ardelyx had a negative net margin of 13.58% and a negative return on equity of 38.11%. The business had revenue of $120.88 million for the quarter, compared to analysts’ expectations of $121.03 million. During the same period last year, the business earned ($0.08) earnings per share. The company’s quarterly revenue was up 34.3% on a year-over-year basis.

Here are the key takeaways from Ardelyx’s conference call:

• Q2 product revenue reached a record $118 million, up 31% year over year, with IBSRELA revenue increasing 33% to $86.2 million and XPHOZAH revenue rising 27% to $31.9 million.
• IBSRELA faced more stringent payer prior authorizations and step edits, slowing new-patient starts despite record demand, refills, and total prescriptions. The company lowered 2026 IBSRELA revenue guidance to $350 million-$370 million.
• Ardelyx reiterated XPHOZAH 2026 revenue guidance of $110 million-$120 million but withdrew its longer-term $750 million revenue target while it assesses post-TDAPA market dynamics and upcoming dialysis payment policies.
• Management is expanding field reimbursement and commercial support for IBSRELA, including doubling reimbursement staff, increasing the sales force to 144 representatives, and further promoting the IBSRELA Pharmacy Network to improve fulfillment and adherence.
• The company ended the quarter with $281.8 million in cash, revised 2026 operating-expense guidance to below $500 million, and maintained its expectation of achieving profitability in 2027 while advancing its pipeline and tenapanor patent estate.

Ardelyx Trading Down 0.8%

ARDX stock traded down $0.04 during mid-day trading on Thursday, reaching $4.87. 6,837,501 shares of the stock traded hands, compared to its average volume of 2,539,564. Ardelyx has a one year low of $4.71 and a one year high of $8.40. The stock has a market capitalization of $1.20 billion, a PE ratio of -21.17 and a beta of 0.70. The company has a debt-to-equity ratio of 1.37, a quick ratio of 3.28 and a current ratio of 3.49. The business has a 50-day moving average price of $5.41 and a two-hundred day moving average price of $6.09.

Analysts Set New Price Targets

Several research firms have recently commented on ARDX. Weiss Ratings lowered Ardelyx from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, June 29th. LADENBURG THALM/SH SH initiated coverage on shares of Ardelyx in a report on Tuesday, June 16th. They issued a “buy” rating and a $16.00 target price for the company. Finally, Zacks Research cut shares of Ardelyx from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $16.10.

Insider Activity

In related news, insider Mike Kelliher sold 7,248 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $6.27, for a total transaction of $45,444.96. Following the completion of the sale, the insider directly owned 357,418 shares of the company’s stock, valued at approximately $2,241,010.86. This trade represents a 1.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Eric Duane Foster sold 7,998 shares of the business’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $6.27, for a total value of $50,147.46. Following the transaction, the insider owned 417,972 shares of the company’s stock, valued at approximately $2,620,684.44. The trade was a 1.88% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 24,572 shares of company stock valued at $154,066 in the last 90 days. Company insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Abel Hall LLC bought a new position in Ardelyx in the 4th quarter worth about $92,000. Sargent Investment Group LLC purchased a new position in shares of Ardelyx in the 4th quarter worth approximately $82,000. Cibc World Markets Corp bought a new position in shares of Ardelyx during the 4th quarter worth approximately $92,000. Steward Partners Investment Advisory LLC increased its position in Ardelyx by 81.4% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 14,021 shares of the biopharmaceutical company’s stock valued at $82,000 after buying an additional 6,293 shares in the last quarter. Finally, Integrated Wealth Concepts LLC raised its stake in Ardelyx by 24.2% in the third quarter. Integrated Wealth Concepts LLC now owns 15,263 shares of the biopharmaceutical company’s stock valued at $84,000 after buying an additional 2,975 shares during the last quarter. 58.92% of the stock is currently owned by institutional investors.

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.