Equities Analysts Issue Forecasts for Ardelyx, Inc.’s Q3 2024 Earnings (NASDAQ:ARDX)

Ardelyx, Inc. (NASDAQ:ARDX) – Equities research analysts at HC Wainwright boosted their Q3 2024 earnings estimates for shares of Ardelyx in a report issued on Monday, August 5th. HC Wainwright analyst E. Arce now anticipates that the biopharmaceutical company will earn ($0.07) per share for the quarter, up from their previous estimate of ($0.09). HC Wainwright has a “Buy” rating and a $11.00 price target on the stock. The consensus estimate for Ardelyx’s current full-year earnings is ($0.34) per share. HC Wainwright also issued estimates for Ardelyx’s FY2024 earnings at ($0.30) EPS, Q1 2025 earnings at ($0.04) EPS, Q2 2025 earnings at $0.00 EPS, Q3 2025 earnings at $0.02 EPS, Q4 2025 earnings at $0.03 EPS, FY2025 earnings at $0.00 EPS and FY2026 earnings at $0.61 EPS.

Ardelyx (NASDAQ:ARDX) last posted its earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.04. The company had revenue of $73.20 million during the quarter, compared to analysts’ expectations of $55.03 million. Ardelyx had a negative net margin of 31.02% and a negative return on equity of 38.41%. Ardelyx’s quarterly revenue was up 228.3% on a year-over-year basis. During the same period last year, the company posted ($0.08) earnings per share.

Other equities analysts have also recently issued research reports about the company. StockNews.com upgraded Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Wedbush reissued an “outperform” rating and issued a $11.00 target price on shares of Ardelyx in a report on Friday, August 2nd. Piper Sandler cut shares of Ardelyx from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $15.00 to $7.00 in a research report on Tuesday, July 2nd. Citigroup increased their price objective on shares of Ardelyx from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Ardelyx in a research report on Thursday, June 20th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Ardelyx presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.43.

Ardelyx Trading Up 5.8 %

Shares of Ardelyx stock opened at $5.87 on Wednesday. Ardelyx has a twelve month low of $3.16 and a twelve month high of $10.13. The company has a quick ratio of 4.36, a current ratio of 4.53 and a debt-to-equity ratio of 0.66. The business has a 50-day moving average price of $6.05 and a 200-day moving average price of $7.35. The firm has a market cap of $1.37 billion, a price-to-earnings ratio of -20.96 and a beta of 0.83.

Insider Activity

In related news, CEO Michael Raab sold 7,500 shares of Ardelyx stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $6.72, for a total transaction of $50,400.00. Following the completion of the transaction, the chief executive officer now directly owns 1,270,273 shares of the company’s stock, valued at approximately $8,536,234.56. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Ardelyx news, insider David P. Rosenbaum sold 17,872 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $7.00, for a total value of $125,104.00. Following the sale, the insider now owns 158,502 shares in the company, valued at $1,109,514. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Michael Raab sold 7,500 shares of Ardelyx stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $6.72, for a total value of $50,400.00. Following the sale, the chief executive officer now owns 1,270,273 shares of the company’s stock, valued at $8,536,234.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 286,182 shares of company stock valued at $1,920,302. 5.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ARDX. Rubric Capital Management LP increased its position in shares of Ardelyx by 60.5% during the fourth quarter. Rubric Capital Management LP now owns 4,012,753 shares of the biopharmaceutical company’s stock worth $24,879,000 after acquiring an additional 1,512,753 shares during the period. Vanguard Group Inc. increased its holdings in Ardelyx by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 11,565,800 shares of the biopharmaceutical company’s stock worth $47,188,000 after purchasing an additional 97,951 shares during the period. Hennion & Walsh Asset Management Inc. raised its position in Ardelyx by 37.2% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 438,827 shares of the biopharmaceutical company’s stock valued at $3,203,000 after purchasing an additional 118,879 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Ardelyx by 9.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,816,732 shares of the biopharmaceutical company’s stock worth $11,264,000 after buying an additional 150,465 shares during the period. Finally, Russell Investments Group Ltd. grew its position in shares of Ardelyx by 100.7% during the 1st quarter. Russell Investments Group Ltd. now owns 536,297 shares of the biopharmaceutical company’s stock worth $3,915,000 after buying an additional 269,046 shares in the last quarter. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Ardelyx Company Profile

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.