Ardelyx (NASDAQ:ARDX) Sets New 12-Month Low – Time to Sell?

Ardelyx, Inc. (NASDAQ:ARDX) hit a new 52-week low on Wednesday . The company traded as low as $3.38 and last traded at $3.40, with a volume of 5095867 shares changing hands. The stock had previously closed at $3.52.

Analyst Ratings Changes

ARDX has been the subject of a number of recent research reports. Zacks Research downgraded Ardelyx from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 22nd. Weiss Ratings cut shares of Ardelyx from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, June 29th. BTIG Research decreased their price target on shares of Ardelyx from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. HC Wainwright reissued a “buy” rating and set a $13.00 price target on shares of Ardelyx in a research note on Friday, August 7th. Finally, TD Cowen lowered their price objective on shares of Ardelyx from $13.00 to $10.00 and set a “buy” rating for the company in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $13.90.

Ardelyx Stock Performance

The stock has a market cap of $842.26 million, a PE ratio of -15.36 and a beta of 0.70. The company has a fifty day moving average price of $4.31 and a 200 day moving average price of $5.38. The company has a quick ratio of 3.15, a current ratio of 3.34 and a debt-to-equity ratio of 1.69.

Ardelyx (NASDAQ:ARDX) last released its 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). Ardelyx had a negative net margin of 12.35% and a negative return on equity of 36.00%. The company had revenue of $120.88 million during the quarter, compared to the consensus estimate of $121.03 million. During the same period last year, the firm posted ($0.08) EPS. The company’s revenue was up 34.3% on a year-over-year basis. Analysts expect that Ardelyx, Inc. will post -0.2 earnings per share for the current year.

Insider Transactions at Ardelyx

In related news, insider James Brady sold 15,136 shares of Ardelyx stock in a transaction on Friday, August 21st. The shares were sold at an average price of $3.86, for a total value of $58,424.96. Following 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Laura A. Williams sold 10,739 shares of the company’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $3.86, for a total transaction of $41,452.54. Following the sale, the insider owned 367,456 shares of the company’s stock, valued at $1,418,380.16. This represents a 2.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 126,059 shares of company stock valued at $486,588. Insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On Ardelyx

Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Ardelyx in the second quarter worth $119,874,000. Jupiter Topco LLC purchased a new position in Ardelyx during the 2nd quarter valued at $27,043,000. AIGH Capital Management LLC purchased a new position in Ardelyx during the 2nd quarter valued at $16,320,000. Bank of America Corp DE bought a new position in Ardelyx in the 2nd quarter worth $11,034,000. Finally, Rubric Capital Management LP bought a new position in Ardelyx in the 1st quarter worth $11,147,000. Institutional investors own 58.92% of the company’s stock.

Ardelyx Company Profile

Ardelyx, Inc is a biopharmaceutical company focused on developing and commercializing therapies for gastrointestinal and cardiorenal conditions. The company’s lead product candidates and marketed medicines are designed to address disorders involving the regulation of phosphate and other substances in the digestive system.

Ardelyx markets XPHOZAH (tenapanor) in the United States for reducing serum phosphorus in adults with chronic kidney disease on dialysis. Tenapanor works locally in the gastrointestinal tract by inhibiting the sodium/hydrogen exchanger 3, thereby reducing intestinal phosphate absorption.