Ardelyx (NASDAQ:ARDX) Shares Down 6.9% – Here’s Why

Shares of Ardelyx, Inc. (NASDAQ:ARDX) dropped 6.9% during trading on Monday . The stock traded as low as $5.88 and last traded at $5.7250. Approximately 1,836,698 shares changed hands during trading, a decline of 59% from the average daily volume of 4,476,132 shares. The stock had previously closed at $6.15.

Wall Street Analyst Weigh In

ARDX has been the subject of a number of recent analyst reports. Citigroup boosted their price objective on shares of Ardelyx from $10.00 to $11.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. Piper Sandler increased their price objective on shares of Ardelyx from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Tuesday, November 4th. Raymond James Financial restated a “strong-buy” rating on shares of Ardelyx in a research note on Tuesday, November 25th. TD Cowen upped their price target on shares of Ardelyx from $9.00 to $10.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Finally, Cowen reissued a “buy” rating on shares of Ardelyx in a report on Friday, October 31st. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Ardelyx presently has a consensus rating of “Moderate Buy” and an average target price of $12.10.

Ardelyx Stock Performance

The company has a current ratio of 4.41, a quick ratio of 4.11 and a debt-to-equity ratio of 1.31. The company has a market cap of $1.48 billion, a PE ratio of -26.63 and a beta of 0.56. The business’s 50 day moving average is $5.77 and its two-hundred day moving average is $5.41.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings data on Thursday, October 30th. The biopharmaceutical company reported $0.00 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.06. The firm had revenue of $110.33 million during the quarter, compared to analyst estimates of $100.44 million. Ardelyx had a negative return on equity of 36.91% and a negative net margin of 14.20%.The business’s revenue for the quarter was up 14.6% on a year-over-year basis. On average, equities research analysts anticipate that Ardelyx, Inc. will post -0.18 EPS for the current year.

Insider Activity at Ardelyx

In other Ardelyx news, insider Laura A. Williams sold 6,426 shares of the stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $5.54, for a total transaction of $35,600.04. Following the completion of the transaction, the insider owned 359,896 shares of the company’s stock, valued at $1,993,823.84. This represents a 1.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mike Kelliher sold 5,560 shares of the business’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $5.54, for a total value of $30,802.40. Following the completion of the sale, the insider owned 271,181 shares in the company, valued at $1,502,342.74. This represents a 2.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 64,868 shares of company stock worth $359,369 in the last quarter. 4.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ardelyx

Hedge funds have recently bought and sold shares of the business. Millennium Management LLC grew its stake in shares of Ardelyx by 118.2% in the 1st quarter. Millennium Management LLC now owns 6,465,262 shares of the biopharmaceutical company’s stock worth $31,744,000 after buying an additional 3,501,782 shares in the last quarter. Marshall Wace LLP grew its position in Ardelyx by 34.2% in the second quarter. Marshall Wace LLP now owns 11,250,652 shares of the biopharmaceutical company’s stock worth $44,103,000 after acquiring an additional 2,866,843 shares in the last quarter. Bank of America Corp DE increased its stake in Ardelyx by 88.8% during the second quarter. Bank of America Corp DE now owns 5,527,988 shares of the biopharmaceutical company’s stock worth $21,670,000 after acquiring an additional 2,600,080 shares during the last quarter. Vanguard Group Inc. raised its holdings in Ardelyx by 14.6% during the 3rd quarter. Vanguard Group Inc. now owns 18,369,321 shares of the biopharmaceutical company’s stock valued at $101,215,000 after buying an additional 2,337,672 shares during the period. Finally, AQR Capital Management LLC lifted its position in Ardelyx by 188.5% in the first quarter. AQR Capital Management LLC now owns 1,573,063 shares of the biopharmaceutical company’s stock worth $7,724,000 after buying an additional 1,027,814 shares during the last quarter. Hedge funds and other institutional investors 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.