Wedbush Comments on Ardelyx’s FY2024 Earnings (NASDAQ:ARDX)

Ardelyx, Inc. (NASDAQ:ARDX) – Wedbush lowered their FY2024 earnings per share estimates for Ardelyx in a research report issued on Thursday, January 23rd. Wedbush analyst L. Chico now forecasts that the biopharmaceutical company will post earnings per share of ($0.18) for the year, down from their prior estimate of ($0.17). The consensus estimate for Ardelyx’s current full-year earnings is ($0.17) per share. Wedbush also issued estimates for Ardelyx’s Q4 2024 earnings at $0.01 EPS, Q1 2025 earnings at ($0.13) EPS, Q2 2025 earnings at ($0.09) EPS, Q3 2025 earnings at ($0.06) EPS, Q4 2025 earnings at ($0.03) EPS, FY2025 earnings at ($0.31) EPS, FY2026 earnings at $0.12 EPS, FY2027 earnings at $0.44 EPS, FY2028 earnings at $0.72 EPS and FY2029 earnings at $0.89 EPS.

Other research analysts also recently issued research reports about the stock. HC Wainwright restated a “neutral” rating and set a $5.50 price objective on shares of Ardelyx in a report on Thursday, January 16th. Citigroup lowered their target price on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Finally, Jefferies Financial Group cut their price target on Ardelyx from $11.00 to $8.00 and set a “buy” rating for the company in a research note on Thursday, January 2nd. Three research analysts have 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 $9.25.

Ardelyx Price Performance

Shares of ARDX opened at $5.52 on Monday. The business’s fifty day moving average is $5.19 and its 200 day moving average is $5.65. Ardelyx has a 12-month low of $4.32 and a 12-month high of $10.13. The company has a quick ratio of 3.87, a current ratio of 4.03 and a debt-to-equity ratio of 0.64. The stock has a market cap of $1.31 billion, a P/E ratio of -18.40 and a beta of 0.85.

Insiders Place Their Bets

In related news, Director David M. Mott purchased 199,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The shares were bought at an average cost of $4.99 per share, with a total value of $993,010.00. Following the acquisition, the director now owns 1,937,765 shares of the company’s stock, valued at $9,669,447.35. This represents a 11.44 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Justin A. Renz sold 5,260 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $4.79, for a total transaction of $25,195.40. Following the sale, the chief financial officer now owns 291,139 shares of the company’s stock, valued at $1,394,555.81. This trade represents a 1.77 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 193,358 shares of company stock valued at $1,041,766. Corporate insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Coastal Bridge Advisors LLC purchased a new position in Ardelyx in the second quarter valued at approximately $74,000. Helen Stephens Group LLC bought a new stake in shares of Ardelyx in the third quarter valued at $76,000. CWM LLC lifted its position in shares of Ardelyx by 328.1% during the 3rd quarter. CWM LLC now owns 12,814 shares of the biopharmaceutical company’s stock valued at $88,000 after buying an additional 9,821 shares during the last quarter. KBC Group NV grew its stake in shares of Ardelyx by 101.8% during the 4th quarter. KBC Group NV now owns 13,706 shares of the biopharmaceutical company’s stock worth $69,000 after acquiring an additional 6,915 shares during the period. Finally, Algert Global LLC bought a new position in shares of Ardelyx during the 2nd quarter worth $174,000. 58.92% of the stock is owned by institutional investors.

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.