Ardelyx (NASDAQ:ARDX) Stock Passes Above 50-Day Moving Average – What’s Next?

Ardelyx, Inc. (NASDAQ:ARDX)’s stock price crossed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $6.11 and traded as high as $6.39. Ardelyx shares last traded at $6.06, with a volume of 2,106,350 shares changing hands.

Analyst Ratings Changes

ARDX has been the topic of several analyst reports. Williams Trading set a $17.00 target price on Ardelyx in a report on Thursday, March 12th. Leerink Partners reaffirmed an “outperform” rating on shares of Ardelyx in a research note on Thursday, March 12th. LADENBURG THALM/SH SH began coverage on shares of Ardelyx in a research report on Tuesday, June 16th. They set a “buy” rating and a $16.00 price objective for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Ardelyx in a research note on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Ardelyx has an average rating of “Moderate Buy” and a consensus target price of $15.73.

Ardelyx Trading Down 2.1%

The business’s 50 day moving average price is $6.11 and its two-hundred day moving average price is $6.30. The company has a current ratio of 3.49, a quick ratio of 3.28 and a debt-to-equity ratio of 1.37. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of -26.35 and a beta of 0.58.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings results on Thursday, April 30th. The biopharmaceutical company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The company had revenue of $94.47 million for the quarter, compared to the consensus estimate of $92.78 million. Ardelyx had a negative net margin of 13.58% and a negative return on equity of 38.11%. The company’s revenue for the quarter was up 27.5% compared to the same quarter last year. During the same period last year, the firm posted ($0.17) earnings per share. On average, equities analysts predict that Ardelyx, Inc. will post -0.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Eric Duane Foster sold 7,998 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $6.27, for a total value of $50,147.46. Following the completion of the transaction, the insider directly owned 417,972 shares in the company, valued at approximately $2,620,684.44. This represents a 1.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mike Kelliher sold 7,248 shares of the firm’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $6.27, for a total value of $45,444.96. Following the sale, the insider directly owned 357,418 shares in the company, valued at approximately $2,241,010.86. This trade represents a 1.99% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 24,572 shares of company stock worth $154,066. Insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On Ardelyx

A number of institutional investors and hedge funds have recently bought and sold shares of ARDX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Ardelyx by 2.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 159,061 shares of the biopharmaceutical company’s stock valued at $781,000 after purchasing an additional 4,436 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Ardelyx by 10.3% during the first quarter. Goldman Sachs Group Inc. now owns 2,378,738 shares of the biopharmaceutical company’s stock worth $11,680,000 after purchasing an additional 221,486 shares during the last quarter. Focus Partners Wealth acquired a new position in shares of Ardelyx in the first quarter valued at approximately $72,000. Strs Ohio acquired a new position in shares of Ardelyx in the first quarter valued at approximately $135,000. Finally, Legal & General Group Plc raised its holdings in Ardelyx by 13.5% in the 2nd quarter. Legal & General Group Plc now owns 275,344 shares of the biopharmaceutical company’s stock valued at $1,080,000 after buying an additional 32,738 shares during the last quarter. Institutional investors and hedge funds own 58.92% of the company’s stock.

Ardelyx Company Profile

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.