Ardelyx (NASDAQ:ARDX) Sets New 12-Month Low – What’s Next?

Ardelyx, Inc. (NASDAQ:ARDX) shares hit a new 52-week low during trading on Monday . The stock traded as low as $3.71 and last traded at $3.7150, with a volume of 312528 shares. The stock had previously closed at $3.81.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ARDX. Weiss Ratings cut shares of Ardelyx from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, June 29th. Citigroup dropped their target price on shares of Ardelyx from $14.00 to $11.00 and set a “buy” rating on the stock in a research report on Monday, August 10th. TD Cowen cut their price target on Ardelyx from $13.00 to $10.00 and set a “buy” rating for the company in a report on Friday, August 7th. Wedbush restated an “outperform” rating and issued a $9.00 price objective on shares of Ardelyx in a research note on Tuesday, August 18th. Finally, Zacks Research lowered shares of Ardelyx from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $13.90.

Ardelyx Price Performance

The stock has a fifty day moving average of $4.84 and a 200-day moving average of $5.67. The firm has a market capitalization of $925.74 million, a P/E ratio of -16.85 and a beta of 0.70. The company has a quick ratio of 3.15, a current ratio of 3.34 and a debt-to-equity ratio of 1.69.

Ardelyx (NASDAQ:ARDX) last released 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 company had revenue of $120.88 million for the quarter, compared to the consensus estimate of $121.03 million. Ardelyx had a negative net margin of 12.35% and a negative return on equity of 36.00%. Ardelyx’s revenue for the quarter was up 34.3% compared to the same quarter last year. During the same period last year, the company earned ($0.08) earnings per share. Equities analysts predict that Ardelyx, Inc. will post -0.2 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Laura A. Williams sold 10,739 shares of the firm’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $3.86, for a total value of $41,452.54. Following the transaction, the insider owned 367,456 shares of the company’s stock, valued at approximately $1,418,380.16. This trade represents a 2.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John E. Bishop sold 19,750 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $3.86, for a total transaction of $76,235.00. Following the completion of the transaction, the insider directly owned 317,095 shares in the company, valued at approximately $1,223,986.70. The trade was a 5.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 126,059 shares of company stock worth $486,588. 5.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ardelyx

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Ardelyx in the 2nd quarter valued at $119,874,000. Jupiter Topco LLC acquired a new stake in Ardelyx during the 2nd quarter worth $27,043,000. AIGH Capital Management LLC bought a new position in Ardelyx during the second quarter worth about $16,320,000. Bank of America Corp DE lifted its holdings 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 in the last quarter. Finally, State Street Corp lifted its holdings in Ardelyx by 22.6% during the fourth quarter. State Street Corp now owns 11,912,339 shares of the biopharmaceutical company’s stock worth $69,449,000 after acquiring an additional 2,193,649 shares in the last quarter. 58.92% of the stock is currently owned by institutional investors and hedge funds.

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.