Ardelyx (NASDAQ:ARDX) Hits New 12-Month Low – Time to Sell?

Ardelyx, Inc. (NASDAQ:ARDX)’s stock price reached a new 52-week low during trading on Monday. The company traded as low as $3.05 and last traded at $3.0950, with a volume of 237,969 shares traded. The stock had previously closed at $3.09.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ARDX shares. BTIG Research decreased their target price on Ardelyx from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Wedbush reaffirmed an “outperform” rating and issued a $9.00 target price on shares of Ardelyx in a research report on Tuesday, August 18th. Citigroup cut their price target on shares of Ardelyx from $14.00 to $11.00 and set a “buy” rating on the stock in a research note on Monday, August 10th. Piper Sandler reduced their price target on shares of Ardelyx from $16.00 to $15.00 and set an “overweight” rating on the stock in a research report on Monday, August 17th. Finally, TD Cowen lowered their price objective on shares of Ardelyx from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $13.90.

Ardelyx Stock Performance

The firm has a 50 day moving average of $3.60 and a two-hundred day moving average of $5.01. The company has a debt-to-equity ratio of 1.69, a current ratio of 3.34 and a quick ratio of 3.15. The stock has a market cap of $768.75 million, a PE ratio of -14.02 and a beta of 0.68.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.02). The company had revenue of $120.88 million during the quarter, compared to analysts’ expectations 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 was up 34.3% on a year-over-year basis. During the same period last year, the firm earned ($0.08) earnings per share. Research analysts predict that Ardelyx, Inc. will post -0.20 EPS for the current fiscal year.

Insider Transactions at Ardelyx

In other news, insider James Brady sold 15,136 shares of Ardelyx stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $3.86, for a total value of $58,424.96. Following the sale, the insider owned 245,930 shares of the company’s stock, valued at $949,289.80. The trade was a 5.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Raab sold 58,574 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 value of $226,095.64. Following the completion of the sale, the chief executive officer directly owned 1,619,792 shares of the company’s stock, valued at $6,252,397.12. This represents a 3.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 126,059 shares of company stock worth $486,588 over the last quarter. 5.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ardelyx

Institutional investors have recently bought and sold shares of the stock. Vontobel Holding Ltd. acquired a new position in shares of Ardelyx during the 3rd quarter valued at $46,000. Krensavage Asset Management LLC raised its holdings in Ardelyx by 6.9% in the second quarter. Krensavage Asset Management LLC now owns 534,523 shares of the biopharmaceutical company’s stock valued at $2,726,000 after acquiring an additional 34,523 shares in the last quarter. NewEdge Advisors LLC lifted its position in shares of Ardelyx by 30.0% during the second quarter. NewEdge Advisors LLC now owns 23,724 shares of the biopharmaceutical company’s stock worth $121,000 after purchasing an additional 5,476 shares during the last quarter. Squarepoint Ops LLC increased its holdings in shares of Ardelyx by 2.6% in the 2nd quarter. Squarepoint Ops LLC now owns 715,262 shares of the biopharmaceutical company’s stock valued at $3,648,000 after acquiring an additional 17,978 shares during the last quarter. Finally, Headlands Technologies LLC lifted its holdings in Ardelyx by 8.2% in the second quarter. Headlands Technologies LLC now owns 240,796 shares of the biopharmaceutical company’s stock worth $1,228,000 after acquiring an additional 18,264 shares during the last quarter. 58.92% of the stock is currently owned by hedge funds and other institutional investors.

About Ardelyx

Ardelyx, Inc is a biopharmaceutical company focused on developing and commercializing therapies for gastrointestinal and cardiorenal conditions. The company’s products are designed to act locally in the gastrointestinal tract to address diseases involving phosphate, sodium, and other electrolytes.

Ardelyx’s primary products include XPHOZAH (tenapanor), an oral treatment approved in the United States to reduce intestinal phosphate absorption in adults with chronic kidney disease on dialysis who have hyperphosphatemia, and IBSRELA (tenapanor), an oral therapy approved for the treatment of irritable bowel syndrome with constipation in adults.