Ardelyx, Inc. (NASDAQ:ARDX – Get Free Report)’s share price hit a new 52-week low during mid-day trading on Tuesday. The company traded as low as $3.33 and last traded at $3.3450, with a volume of 1263680 shares traded. The stock had previously closed at $3.41.
Wall Street Analyst Weigh In
Several analysts recently weighed in on ARDX shares. LADENBURG THALM/SH SH initiated coverage on Ardelyx in a research note on Tuesday, June 16th. They set a “buy” rating and a $16.00 target price for the company. BTIG Research lowered their price target on Ardelyx from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Citigroup dropped their price objective on shares of Ardelyx from $14.00 to $11.00 and set a “buy” rating for the company in a research note on Monday, August 10th. Piper Sandler dropped their target price on Ardelyx from $16.00 to $15.00 and set an “overweight” rating for the company in a report on Monday, August 17th. Finally, Wedbush reissued an “outperform” rating and set a $9.00 price target on shares of Ardelyx in a report on Tuesday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $13.90.
Check Out Our Latest Analysis on ARDX
Ardelyx Price Performance
Ardelyx (NASDAQ:ARDX – Get Free Report) last released its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.02). The firm had revenue of $120.88 million during the quarter, compared to analyst estimates of $121.03 million. Ardelyx had a negative net margin of 12.35% and a negative return on equity of 36.00%. The firm’s quarterly revenue was up 34.3% on a year-over-year basis. During the same period last year, the business posted ($0.08) earnings per share. Equities research analysts anticipate that Ardelyx, Inc. will post -0.2 earnings per share for the current year.
Insider Transactions at Ardelyx
In other news, insider Laura A. Williams sold 10,739 shares of the business’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $3.86, for a total transaction of $41,452.54. Following the completion of the transaction, the insider directly owned 367,456 shares in the company, valued at approximately $1,418,380.16. The trade was a 2.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael Raab sold 58,574 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $3.86, for a total transaction of $226,095.64. Following the completion of the sale, the chief executive officer directly owned 1,619,792 shares of the company’s stock, valued at $6,252,397.12. The trade was a 3.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 126,059 shares of company stock valued at $486,588. 5.30% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Ardelyx
Large investors have recently modified their holdings of the business. Principal Financial Group Inc. raised its stake in Ardelyx by 22.7% in the first quarter. Principal Financial Group Inc. now owns 17,570 shares of the biopharmaceutical company’s stock valued at $105,000 after buying an additional 3,253 shares during the period. NewEdge Advisors LLC boosted its stake in shares of Ardelyx by 30.0% during the 2nd quarter. NewEdge Advisors LLC now owns 23,724 shares of the biopharmaceutical company’s stock worth $121,000 after acquiring an additional 5,476 shares during the period. ProShare Advisors LLC increased its holdings in shares of Ardelyx by 11.4% during the 4th quarter. ProShare Advisors LLC now owns 54,531 shares of the biopharmaceutical company’s stock worth $318,000 after acquiring an additional 5,595 shares during the last quarter. Swiss National Bank increased its holdings in shares of Ardelyx by 1.2% during the 1st quarter. Swiss National Bank now owns 480,800 shares of the biopharmaceutical company’s stock worth $2,880,000 after acquiring an additional 5,600 shares during the last quarter. Finally, Hsbc Holdings PLC raised its stake in Ardelyx by 7.0% in the 2nd quarter. Hsbc Holdings PLC now owns 100,550 shares of the biopharmaceutical company’s stock valued at $509,000 after acquiring an additional 6,619 shares during the period. 58.92% of the stock is currently owned by institutional investors.
About Ardelyx
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.
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