Wedbush Estimates Ardelyx's FY2029 Earnings (NASDAQ:ARDX)

Ardelyx, Inc. (NASDAQ:ARDX - Free Report) - Research analysts at Wedbush dropped their FY2029 earnings per share (EPS) estimates for Ardelyx in a report issued on Friday, February 21st. Wedbush analyst L. Chico now anticipates that the biopharmaceutical company will post earnings per share of $0.88 for the year, down from their previous forecast of $0.89. The consensus estimate for Ardelyx's current full-year earnings is ($0.18) per share.

Ardelyx (NASDAQ:ARDX - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The biopharmaceutical company reported $0.02 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.02. Ardelyx had a negative return on equity of 24.87% and a negative net margin of 11.73%. The business had revenue of $116.13 million for the quarter, compared to analysts' expectations of $111.16 million.

ARDX has been the topic of several other reports. Citigroup cut their target price on shares of Ardelyx from $12.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, November 4th. HC Wainwright reissued a "neutral" rating and set a $5.50 price target on shares of Ardelyx in a research note on Friday, February 21st. Jefferies Financial Group cut their target price on shares of Ardelyx from $11.00 to $8.00 and set a "buy" rating on the stock in a report on Thursday, January 2nd. Raymond James reiterated a "strong-buy" rating and issued a $13.00 price target (down from $15.00) on shares of Ardelyx in a research note on Friday, February 21st. Finally, Piper Sandler lifted their target price on shares of Ardelyx from $7.00 to $8.00 and gave the stock a "neutral" rating in a report on Monday, January 27th. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Ardelyx presently has an average rating of "Moderate Buy" and an average target price of $9.93.

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Ardelyx Stock Performance

ARDX stock traded up $0.12 during midday trading on Monday, reaching $5.22. The company had a trading volume of 2,922,175 shares, compared to its average volume of 4,320,143. The stock has a 50 day moving average price of $5.31 and a 200 day moving average price of $5.62. The firm has a market capitalization of $1.24 billion, a PE ratio of -32.63 and a beta of 0.85. The company has a quick ratio of 4.31, a current ratio of 4.58 and a debt-to-equity ratio of 0.87. Ardelyx has a fifty-two week low of $4.32 and a fifty-two week high of $9.83.

Institutional Investors Weigh In On Ardelyx

Large investors have recently modified their holdings of the stock. CWM LLC increased its holdings in shares of Ardelyx by 328.1% in the 3rd quarter. CWM LLC now owns 12,814 shares of the biopharmaceutical company's stock worth $88,000 after purchasing an additional 9,821 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Ardelyx by 34.3% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 28,365 shares of the biopharmaceutical company's stock worth $195,000 after purchasing an additional 7,245 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in shares of Ardelyx by 64.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 45,280 shares of the biopharmaceutical company's stock worth $312,000 after purchasing an additional 17,792 shares during the last quarter. Tyler Stone Wealth Management increased its stake in Ardelyx by 87.0% during the third quarter. Tyler Stone Wealth Management now owns 96,850 shares of the biopharmaceutical company's stock worth $667,000 after acquiring an additional 45,055 shares during the last quarter. Finally, Los Angeles Capital Management LLC raised its holdings in shares of Ardelyx by 51.8% in the third quarter. Los Angeles Capital Management LLC now owns 170,544 shares of the biopharmaceutical company's stock worth $1,175,000 after buying an additional 58,219 shares during the period. Institutional investors own 58.92% of the company's stock.

Insider Activity at Ardelyx

In other news, Director David M. Mott bought 77,729 shares of the stock in a transaction on Monday, February 24th. The shares were acquired at an average cost of $5.00 per share, for a total transaction of $388,645.00. Following the purchase, the director now directly owns 2,015,494 shares of the company's stock, valued at $10,077,470. This trade represents a 4.01 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Raab sold 41,666 shares of the firm's stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $5.31, for a total transaction of $221,246.46. Following the sale, the chief executive officer now owns 1,129,552 shares in the company, valued at approximately $5,997,921.12. This trade represents a 3.56 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 490,029 shares of company stock valued at $2,377,766 and have sold 141,408 shares valued at $761,963. 5.90% of the stock is owned by insiders.

About Ardelyx

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.