Ardelyx (NASDAQ:ARDX) Sets New 12-Month Low – Here’s What Happened

Ardelyx, Inc. (NASDAQ:ARDX) reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $3.86 and last traded at $3.89, with a volume of 2309235 shares trading hands. The stock had previously closed at $4.03.

Analysts Set New Price Targets

Several analysts have commented on the stock. Weiss Ratings downgraded shares of Ardelyx from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, June 29th. HC Wainwright reaffirmed a “buy” rating and issued a $13.00 price objective on shares of Ardelyx in a research note on Friday, August 7th. Citigroup decreased their price objective on shares of Ardelyx from $14.00 to $11.00 and set a “buy” rating for the company in a report on Monday, August 10th. LADENBURG THALM/SH SH began coverage on shares of Ardelyx in a research report on Tuesday, June 16th. They set a “buy” rating and a $16.00 target price on the stock. Finally, TD Cowen cut their target price on Ardelyx from $13.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Ardelyx has a consensus rating of “Moderate Buy” and an average price target of $13.90.

Ardelyx Stock Down 3.7%

The company has a quick ratio of 3.15, a current ratio of 3.34 and a debt-to-equity ratio of 1.69. The business has a 50-day simple moving average of $5.12 and a 200-day simple moving average of $5.85. The stock has a market cap of $966.85 million, a P/E ratio of -17.64 and a beta of 0.70.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings data 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 firm had revenue of $120.88 million during the quarter, compared to analyst estimates of $121.03 million. Ardelyx had a negative return on equity of 36.00% and a negative net margin of 12.35%.Ardelyx’s quarterly revenue was up 34.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.08) earnings per share. Analysts expect that Ardelyx, Inc. will post -0.2 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ARDX. Mercer Global Advisors Inc. ADV grew its position in shares of Ardelyx by 4.7% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 38,512 shares of the biopharmaceutical company’s stock valued at $225,000 after purchasing an additional 1,722 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Ardelyx by 26.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,807 shares of the biopharmaceutical company’s stock valued at $69,000 after purchasing an additional 2,491 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH boosted its stake in Ardelyx by 0.7% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 347,609 shares of the biopharmaceutical company’s stock valued at $2,027,000 after purchasing an additional 2,532 shares during the period. Cerity Partners LLC grew its holdings in Ardelyx by 5.3% in the 4th quarter. Cerity Partners LLC now owns 59,359 shares of the biopharmaceutical company’s stock valued at $346,000 after buying an additional 2,972 shares during the last quarter. Finally, Integrated Wealth Concepts LLC grew its holdings in Ardelyx by 24.2% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 15,263 shares of the biopharmaceutical company’s stock valued at $84,000 after buying an additional 2,975 shares during the last quarter. Institutional investors and hedge funds 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.