Ardelyx (NASDAQ:ARDX) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Ardelyx (NASDAQ:ARDX) posted its earnings results on Thursday. The biopharmaceutical company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02, Briefing.com reports. The company had revenue of $46.00 million during the quarter, compared to the consensus estimate of $36.40 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 up 303.5% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.13) earnings per share.

Ardelyx Price Performance

Ardelyx stock traded up $1.93 during midday trading on Friday, reaching $8.72. The company had a trading volume of 24,957,874 shares, compared to its average volume of 6,263,305. Ardelyx has a 12-month low of $3.16 and a 12-month high of $10.13. The firm’s fifty day simple moving average is $7.67 and its 200-day simple moving average is $6.79. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.88 and a quick ratio of 4.64. The company has a market capitalization of $2.04 billion, a P/E ratio of -29.07 and a beta of 0.87.

Insiders Place Their Bets

In other news, insider Elizabeth A. Grammer sold 86,000 shares of Ardelyx stock in a transaction that occurred 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 sale, the insider now directly owns 312,993 shares of the company’s stock, valued at $2,419,435.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Elizabeth A. Grammer sold 86,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 312,993 shares in the company, valued at $2,419,435.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Raab sold 30,000 shares of Ardelyx stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $6.40, for a total value of $192,000.00. Following the transaction, the chief executive officer now owns 1,310,933 shares in the company, valued at approximately $8,389,971.20. The disclosure for this sale can be found here. In the last three months, insiders sold 178,820 shares of company stock worth $1,400,524. Corporate insiders own 5.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Piper Sandler boosted their price objective on Ardelyx from $12.00 to $15.00 and gave the company an “overweight” rating in a report on Friday, February 23rd. SVB Leerink began coverage on shares of Ardelyx in a report on Friday, April 5th. They set an “outperform” rating and a $14.00 price target on the stock. Citigroup lifted their price objective on shares of Ardelyx from $13.00 to $14.00 and gave the company a “buy” rating in a report on Friday. Wedbush increased their target price on shares of Ardelyx from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Ardelyx in a research report on Friday, January 12th. One analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $12.81.

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.