Q1 2024 Earnings Estimate for Ardelyx, Inc. Issued By Wedbush (NASDAQ:ARDX)

Ardelyx, Inc. (NASDAQ:ARDXFree Report) – Wedbush decreased their Q1 2024 earnings estimates for Ardelyx in a report issued on Wednesday, April 17th. Wedbush analyst L. Chico now anticipates that the biopharmaceutical company will post earnings per share of ($0.12) for the quarter, down from their prior forecast of ($0.11). Wedbush currently has a “Outperform” rating and a $14.00 price target on the stock. The consensus estimate for Ardelyx’s current full-year earnings is ($0.44) per share. Wedbush also issued estimates for Ardelyx’s Q2 2024 earnings at ($0.09) EPS, Q3 2024 earnings at ($0.08) EPS, Q4 2024 earnings at ($0.04) EPS, FY2024 earnings at ($0.33) EPS and FY2027 earnings at $1.29 EPS.

Ardelyx (NASDAQ:ARDXGet Free Report) last released its quarterly earnings results on Thursday, February 22nd. The biopharmaceutical company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). Ardelyx had a negative net margin of 53.08% and a negative return on equity of 43.57%. The firm had revenue of $34.36 million for the quarter, compared to the consensus estimate of $34.26 million. During the same period in the previous year, the business earned $0.06 earnings per share. The firm’s revenue for the quarter was down 22.2% on a year-over-year basis.

Several other brokerages have also commented on ARDX. Piper Sandler lifted their price objective on shares of Ardelyx from $12.00 to $15.00 and gave the stock an “overweight” rating in a research report on Friday, February 23rd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Ardelyx in a research report on Friday, January 12th. SVB Leerink began coverage on shares of Ardelyx in a research report on Friday, April 5th. They issued an “outperform” rating and a $14.00 price objective on the stock. StockNews.com downgraded shares of Ardelyx from a “hold” rating to a “sell” rating in a research note on Monday, February 26th. Finally, Citigroup lifted their target price on shares of Ardelyx from $9.00 to $14.00 and gave the stock a “buy” rating in a research note on Wednesday, January 10th. One analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.69.

Check Out Our Latest Stock Analysis on Ardelyx

Ardelyx Stock Up 0.6 %

ARDX opened at $6.48 on Friday. The firm has a market capitalization of $1.51 billion, a P/E ratio of -21.60 and a beta of 0.85. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.88 and a quick ratio of 4.64. Ardelyx has a fifty-two week low of $3.16 and a fifty-two week high of $10.13. The company’s 50-day moving average is $8.13 and its 200 day moving average is $6.60.

Hedge Funds Weigh In On Ardelyx

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Xponance Inc. grew its stake in Ardelyx by 12.6% in the 4th quarter. Xponance Inc. now owns 14,112 shares of the biopharmaceutical company’s stock worth $87,000 after buying an additional 1,575 shares in the last quarter. Mackenzie Financial Corp grew its stake in Ardelyx by 5.6% in the 4th quarter. Mackenzie Financial Corp now owns 30,269 shares of the biopharmaceutical company’s stock worth $188,000 after buying an additional 1,608 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Ardelyx by 9.7% in the 4th quarter. Principal Financial Group Inc. now owns 27,450 shares of the biopharmaceutical company’s stock worth $170,000 after acquiring an additional 2,416 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Ardelyx by 13.7% in the 1st quarter. Commonwealth Equity Services LLC now owns 24,401 shares of the biopharmaceutical company’s stock worth $116,000 after acquiring an additional 2,939 shares during the last quarter. Finally, Arizona State Retirement System lifted its holdings in shares of Ardelyx by 5.3% in the 3rd quarter. Arizona State Retirement System now owns 61,064 shares of the biopharmaceutical company’s stock worth $249,000 after acquiring an additional 3,064 shares during the last quarter. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Insider Activity at Ardelyx

In related news, CEO Michael Raab sold 22,917 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $8.75, for a total transaction of $200,523.75. Following the completion of the transaction, the chief executive officer now owns 1,319,951 shares of the company’s stock, valued at $11,549,571.25. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Ardelyx news, insider Elizabeth A. Grammer sold 86,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $7.73, for a total value of $664,780.00. Following the completion of the transaction, the insider now owns 312,993 shares of the company’s stock, valued at approximately $2,419,435.89. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael Raab sold 22,917 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $8.75, for a total transaction of $200,523.75. Following the completion of the transaction, the chief executive officer now directly owns 1,319,951 shares of the company’s stock, valued at approximately $11,549,571.25. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 148,820 shares of company stock valued at $1,208,524. Corporate insiders own 5.50% of the company’s stock.

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.

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Earnings History and Estimates for Ardelyx (NASDAQ:ARDX)

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