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

Ardelyx, Inc. (NASDAQ:ARDX) – Stock analysts at Wedbush decreased their Q1 2024 earnings per share (EPS) estimates for shares of Ardelyx in a note issued to investors on Wednesday, April 17th. Wedbush analyst L. Chico now anticipates that the biopharmaceutical company will post earnings per share of ($0.12) for the quarter, down from their prior estimate of ($0.11). Wedbush has a “Outperform” rating and a $14.00 price objective 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.

A number of other research firms have also recently commented on ARDX. SVB Leerink initiated coverage on shares of Ardelyx in a report on Friday, April 5th. They issued an “outperform” rating and a $14.00 price target for the company. Piper Sandler boosted their target price on Ardelyx from $12.00 to $15.00 and gave the company an “overweight” rating in a research report on Friday, February 23rd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Ardelyx in a research note on Friday, January 12th. Leerink Partnrs reissued an “outperform” rating on shares of Ardelyx in a research note on Friday, April 5th. Finally, Citigroup boosted their price objective on Ardelyx from $9.00 to $14.00 and gave the company a “buy” rating in a report on Wednesday, January 10th. One investment analyst has rated the stock with a sell rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.69.

Ardelyx Stock Performance

Shares of ARDX stock opened at $6.48 on Friday. The firm has a 50 day moving average of $8.13 and a 200-day moving average of $6.59. The company has a market cap of $1.51 billion, a price-to-earnings ratio of -21.60 and a beta of 0.85. The company has a quick ratio of 4.64, a current ratio of 4.88 and a debt-to-equity ratio of 0.30. Ardelyx has a 52 week low of $3.16 and a 52 week high of $10.13.

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

Insider Transactions at Ardelyx

In related news, insider Robert Blanks sold 5,017 shares of Ardelyx stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $8.75, for a total transaction of $43,898.75. Following the transaction, the insider now owns 368,186 shares of the company’s stock, valued at $3,221,627.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider David P. Rosenbaum sold 15,344 shares of the stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $9.18, for a total value of $140,857.92. Following the completion of the sale, the insider now owns 384,002 shares in the company, valued at $3,525,138.36. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Robert Blanks sold 5,017 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $8.75, for a total transaction of $43,898.75. Following the transaction, the insider now directly owns 368,186 shares in the company, valued at $3,221,627.50. The disclosure for this sale can be found here. Insiders sold a total of 148,820 shares of company stock valued at $1,208,524 over the last ninety days. 5.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ardelyx

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC boosted its stake in shares of Ardelyx by 235.9% in the 1st quarter. FMR LLC now owns 5,733 shares of the biopharmaceutical company’s stock worth $27,000 after buying an additional 4,026 shares during the last quarter. HighTower Advisors LLC bought a new position in Ardelyx in the 4th quarter valued at $35,000. Willis Johnson & Associates Inc. bought a new position in Ardelyx in the 3rd quarter valued at $41,000. Redwood Wealth Management Group LLC purchased a new stake in shares of Ardelyx during the 3rd quarter valued at $43,000. Finally, Great West Life Assurance Co. Can bought a new stake in shares of Ardelyx during the 1st quarter worth $44,000. Hedge funds and other institutional investors own 58.92% of the company’s stock.

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.