Ardelyx, Inc. (NASDAQ:ARDX – Get Free Report) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $3.89 and last traded at $3.97, with a volume of 4952568 shares changing hands. The stock had previously closed at $3.94.
Wall Street Analysts Forecast Growth
A number of research analysts have recently weighed in on the stock. TD Cowen dropped their price objective on shares of Ardelyx from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, August 7th. HC Wainwright reiterated a “buy” rating and set a $13.00 target price on shares of Ardelyx in a report on Friday, August 7th. BTIG Research dropped their price target on Ardelyx from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, August 7th. Citigroup cut their price target on Ardelyx from $14.00 to $11.00 and set a “buy” rating for the company in a report on Monday. Finally, LADENBURG THALM/SH SH assumed coverage on Ardelyx in a research report on Tuesday, June 16th. They issued a “buy” rating and a $16.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Ardelyx has a consensus rating of “Moderate Buy” and a consensus price target of $15.00.
View Our Latest Stock Report on Ardelyx
Ardelyx Stock Performance
Ardelyx (NASDAQ:ARDX – Get Free Report) last posted its quarterly 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 business had revenue of $120.88 million during the quarter, compared to analysts’ expectations of $121.03 million. Ardelyx had a negative net margin of 12.35% and a negative return on equity of 35.57%. The company’s quarterly revenue was up 34.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.08) EPS. Equities analysts predict that Ardelyx, Inc. will post -0.16 earnings per share for the current fiscal year.
Insider Transactions at Ardelyx
In related news, insider Mike Kelliher sold 7,248 shares of Ardelyx stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $6.27, for a total transaction of $45,444.96. Following the sale, the insider owned 357,418 shares of the company’s stock, valued at $2,241,010.86. The trade was a 1.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Eric Duane Foster sold 7,998 shares of Ardelyx stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $6.27, for a total value of $50,147.46. Following the sale, the insider directly owned 417,972 shares in the company, valued at approximately $2,620,684.44. The trade was a 1.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 24,572 shares of company stock valued at $154,066. Insiders own 5.30% of the company’s stock.
Hedge Funds Weigh In On Ardelyx
A number of institutional investors have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Ardelyx in the second quarter worth $35,000. First Horizon Corp grew its holdings in Ardelyx by 120.4% during the 4th quarter. First Horizon Corp now owns 7,906 shares of the biopharmaceutical company’s stock worth $46,000 after acquiring an additional 4,319 shares in the last quarter. SCS Capital Management LLC bought a new stake in shares of Ardelyx in the 2nd quarter worth about $52,000. Sumitomo Mitsui Trust Group Inc. acquired a new stake in shares of Ardelyx in the 4th quarter valued at about $60,000. Finally, State of Wyoming acquired a new stake in shares of Ardelyx in the 2nd quarter valued at about $61,000. 58.92% of the stock is owned by institutional investors and hedge funds.
About Ardelyx
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.
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