Ardelyx, Inc. Expected to Post Q3 2023 Earnings of ($0.10) Per Share (NASDAQ:ARDX)

Posted by Defense World Staff on Sep 11th, 2023

Ardelyx, Inc. (NASDAQ:ARDX – Free Report) – Analysts at HC Wainwright issued their Q3 2023 earnings per share (EPS) estimates for Ardelyx in a research note issued on Thursday, September 7th. HC Wainwright analyst E. Arce forecasts that the biopharmaceutical company will earn ($0.10) per share for the quarter. HC Wainwright currently has a “Buy” rating and a $9.00 target price on the stock. The consensus estimate for Ardelyx’s current full-year earnings is ($0.40) per share. HC Wainwright also issued estimates for Ardelyx’s Q4 2023 earnings at ($0.10) EPS, FY2023 earnings at ($0.42) EPS, Q1 2024 earnings at ($0.09) EPS, Q2 2024 earnings at ($0.07) EPS, Q3 2024 earnings at ($0.05) EPS, Q4 2024 earnings at ($0.03) EPS and FY2024 earnings at ($0.24) EPS.

Ardelyx (NASDAQ:ARDX – Get Free Report) last released its earnings results on Wednesday, August 2nd. The biopharmaceutical company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.04. Ardelyx had a negative return on equity of 54.22% and a negative net margin of 67.69%. The business had revenue of $22.33 million during the quarter, compared to the consensus estimate of $15.88 million.

Several other equities research analysts have also issued reports on ARDX. StockNews.com assumed coverage on shares of Ardelyx in a research report on Friday, August 18th. They set a “hold” rating for the company. LADENBURG THALM/SH SH boosted their price objective on shares of Ardelyx from $7.50 to $8.50 and gave the stock a “buy” rating in a report on Thursday, August 3rd. Finally, Cantor Fitzgerald raised Ardelyx from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $5.00 to $10.00 in a research note on Friday, August 25th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $8.25.

Read Our Latest Stock Report on Ardelyx

Ardelyx Trading Up 1.1 %

Shares of NASDAQ:ARDX opened at $4.59 on Monday. Ardelyx has a 12 month low of $1.09 and a 12 month high of $5.13. The stock has a market cap of $999.98 million, a P/E ratio of -15.83 and a beta of 1.17. The company has a 50 day moving average of $3.81 and a 200 day moving average of $3.94.

Institutional Investors Weigh In On Ardelyx

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ARDX. Commonwealth Equity Services LLC boosted its position in shares of Ardelyx by 13.7% in the first quarter. Commonwealth Equity Services LLC now owns 24,401 shares of the biopharmaceutical company’s stock worth $116,000 after purchasing an additional 2,939 shares during the period. Victory Capital Management Inc. increased its stake in Ardelyx by 1.1% in the 4th quarter. Victory Capital Management Inc. now owns 315,254 shares of the biopharmaceutical company’s stock worth $898,000 after buying an additional 3,569 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in Ardelyx by 7.6% during the second quarter. Teacher Retirement System of Texas now owns 55,905 shares of the biopharmaceutical company’s stock valued at $190,000 after acquiring an additional 3,931 shares during the period. FMR LLC lifted its position in shares of Ardelyx by 235.9% in the first quarter. FMR LLC now owns 5,733 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 4,026 shares in the last quarter. Finally, Valeo Financial Advisors LLC boosted its stake in shares of Ardelyx by 18.4% in the first quarter. Valeo Financial Advisors LLC now owns 34,450 shares of the biopharmaceutical company’s stock worth $165,000 after acquiring an additional 5,350 shares during the period. 58.19% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ardelyx

In other news, insider Robert Blanks sold 33,333 shares of the stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $3.63, for a total transaction of $120,998.79. Following the sale, the insider now owns 266,134 shares in the company, valued at $966,066.42. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, insider Laura A. Williams sold 25,000 shares of the firm’s stock in a transaction on Tuesday, June 27th. The stock was sold at an average price of $3.35, for a total value of $83,750.00. Following the transaction, the insider now directly owns 294,430 shares of the company’s stock, valued at approximately $986,340.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Robert Blanks sold 33,333 shares of the firm’s stock in a transaction dated Friday, June 23rd. The stock was sold at an average price of $3.63, for a total value of $120,998.79. Following the completion of the transaction, the insider now directly owns 266,134 shares in the company, valued at approximately $966,066.42. The disclosure for this sale can be found here. In the last ninety days, insiders sold 82,102 shares of company stock worth $289,129. 5.50% of the stock is owned by corporate insiders.

Ardelyx Company Profile

(Get Free Report)

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.