Analysts Issue Forecasts for Ardelyx, Inc.’s Q1 2024 Earnings (NASDAQ:ARDX)

Ardelyx, Inc. (NASDAQ:ARDX) – Stock analysts at Wedbush lowered their Q1 2024 earnings per share estimates for Ardelyx in a research note issued to investors on Wednesday, April 17th. Wedbush analyst L. Chico now forecasts that the biopharmaceutical company will post earnings of ($0.12) per share for the quarter, down from their previous forecast of ($0.11). Wedbush currently has a “Outperform” rating and a $14.00 price target on the stock. The consensus estimate for Ardelyx’s current full-year earnings is ($0.44) per share. Wedbush also issued estimates for Ardelyx’s Q2 2024 earnings at ($0.09) EPS, Q3 2024 earnings at ($0.08) EPS, Q4 2024 earnings at ($0.04) EPS, FY2024 earnings at ($0.33) EPS and FY2027 earnings at $1.29 EPS.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings results on Thursday, February 22nd. The biopharmaceutical company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.03). Ardelyx had a negative net margin of 53.08% and a negative return on equity of 43.57%. The firm had revenue of $34.36 million for the quarter, compared to the consensus estimate of $34.26 million. During the same quarter in the prior year, the firm earned $0.06 earnings per share. The company’s revenue for the quarter was down 22.2% compared to the same quarter last year.

Other equities research analysts also recently issued reports about the company. Piper Sandler boosted their target price on Ardelyx from $12.00 to $15.00 and gave the stock an “overweight” rating in a report on Friday, February 23rd. StockNews.com downgraded Ardelyx from a “hold” rating to a “sell” rating in a report on Monday, February 26th. Raymond James upped their price target on Ardelyx from $12.00 to $15.00 and gave the company a “strong-buy” rating in a report on Tuesday, January 9th. Citigroup upped their price target on Ardelyx from $9.00 to $14.00 and gave the company a “buy” rating in a report on Wednesday, January 10th. Finally, Leerink Partnrs reaffirmed an “outperform” rating on shares of Ardelyx in a report on Friday, April 5th. One research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $12.69.

Ardelyx Stock Down 1.7 %

NASDAQ ARDX opened at $6.44 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.64 and a current ratio of 4.88. Ardelyx has a twelve month low of $3.16 and a twelve month high of $10.13. The stock’s 50 day moving average is $8.20 and its 200 day moving average is $6.57.

Institutional Trading of Ardelyx

A number of hedge funds and other institutional investors have recently bought and sold shares of ARDX. FMR LLC boosted its stake in shares of Ardelyx by 235.9% in the first quarter. FMR LLC now owns 5,733 shares of the biopharmaceutical company’s stock worth $27,000 after acquiring an additional 4,026 shares during the period. Great West Life Assurance Co. Can bought a new position in shares of Ardelyx in the first quarter worth about $44,000. Willis Johnson & Associates Inc. bought a new position in shares of Ardelyx in the third quarter worth about $41,000. SJS Investment Consulting Inc. bought a new position in shares of Ardelyx in the fourth quarter worth about $62,000. Finally, Jump Financial LLC bought a new position in shares of Ardelyx in the fourth quarter worth about $63,000. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Insider Activity at Ardelyx

In other Ardelyx news, insider Elizabeth A. Grammer sold 86,000 shares of the company’s stock in a transaction dated 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 owns 312,993 shares in the company, valued at $2,419,435.89. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Ardelyx news, insider David P. Rosenbaum sold 5,183 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $9.20, for a total value of $47,683.60. Following the completion of the sale, the insider now owns 175,936 shares in the company, valued at $1,618,611.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Elizabeth A. Grammer sold 86,000 shares of the company’s stock in a transaction dated 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 owns 312,993 shares of the company’s stock, valued at approximately $2,419,435.89. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 148,820 shares of company stock worth $1,208,524. 5.50% of the stock is owned by insiders.

About Ardelyx

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.