Ardelyx (NASDAQ:ARDX) Reaches New 1-Year Low – Here’s What Happened

Ardelyx, Inc. (NASDAQ:ARDX)’s share price hit a new 52-week low on Thursday . The stock traded as low as $3.89 and last traded at $3.97, with a volume of 4952568 shares trading hands. The stock had previously closed at $3.94.

Analyst Upgrades and Downgrades

A number of research analysts have commented on ARDX shares. Weiss Ratings downgraded Ardelyx from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, June 29th. BTIG Research lowered their price target on Ardelyx from $17.00 to $14.00 and set a “buy” rating for the company in a report on Friday, August 7th. LADENBURG THALM/SH SH assumed coverage on Ardelyx in a research report on Tuesday, June 16th. They set a “buy” rating and a $16.00 price target on the stock. Citigroup reduced their price objective on Ardelyx from $14.00 to $11.00 and set a “buy” rating on the stock in a research note on Monday. Finally, Zacks Research lowered shares of Ardelyx from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $15.00.

Ardelyx Stock Performance

The company has a quick ratio of 3.28, a current ratio of 3.49 and a debt-to-equity ratio of 1.37. The stock has a 50 day simple moving average of $5.28 and a 200 day simple moving average of $5.99. The company has a market capitalization of $989.28 million, a price-to-earnings ratio of -18.05 and a beta of 0.70.

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 for the quarter, compared to analyst estimates of $121.03 million. Ardelyx had a negative return on equity of 35.57% and a negative net margin of 12.35%.The firm’s revenue for the quarter was up 34.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.08) earnings per share. As a group, analysts anticipate that Ardelyx, Inc. will post -0.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Eric Duane Foster sold 7,998 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $6.27, for a total value of $50,147.46. Following the sale, the insider owned 417,972 shares of the company’s stock, valued at $2,620,684.44. This trade represents a 1.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mike Kelliher sold 7,248 shares of Ardelyx stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $6.27, for a total transaction of $45,444.96. Following the completion of the sale, the insider owned 357,418 shares in the company, valued at approximately $2,241,010.86. This represents a 1.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 24,572 shares of company stock valued at $154,066. 5.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ardelyx

A number of hedge funds have recently made changes to their positions in ARDX. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Ardelyx during the second quarter worth approximately $35,000. First Horizon Corp increased its position in Ardelyx by 120.4% in the 4th quarter. First Horizon Corp now owns 7,906 shares of the biopharmaceutical company’s stock valued at $46,000 after acquiring an additional 4,319 shares during the period. SCS Capital Management LLC acquired a new stake in Ardelyx in the 2nd quarter valued at approximately $52,000. Sumitomo Mitsui Trust Group Inc. bought a new stake in Ardelyx during the 4th quarter valued at $60,000. Finally, State of Wyoming bought a new stake in Ardelyx during the 2nd quarter valued at $61,000. Institutional investors own 58.92% of the company’s stock.

About Ardelyx

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.