Wedbush Forecasts Ardelyx’s FY2024 Earnings (NASDAQ:ARDX)

Ardelyx, Inc. (NASDAQ:ARDX) – Equities research analysts at Wedbush dropped their FY2024 EPS estimates for Ardelyx in a research report issued on Thursday, January 23rd. Wedbush analyst L. Chico now expects that the biopharmaceutical company will post earnings per share of ($0.18) for the year, down from their previous forecast 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.

A number of other analysts also recently commented on ARDX. HC Wainwright reiterated a “neutral” rating and set a $5.50 target price on shares of Ardelyx in a research report on Thursday, January 16th. Citigroup decreased their price objective on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Jefferies Financial Group dropped their target price on shares of Ardelyx from $11.00 to $8.00 and set a “buy” rating for the company in a report on Thursday, January 2nd. Finally, Piper Sandler upped their price target on shares of Ardelyx from $7.00 to $8.00 and gave the company a “neutral” rating in a report on Monday. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Ardelyx currently has a consensus rating of “Moderate Buy” and an average target price of $9.42.

Ardelyx Stock Performance

ARDX opened at $5.49 on Monday. Ardelyx has a 1-year low of $4.32 and a 1-year high of $10.13. The stock has a market cap of $1.30 billion, a P/E ratio of -18.30 and a beta of 0.85. The stock’s 50 day simple moving average is $5.20 and its 200 day simple moving average is $5.65. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.03 and a quick ratio of 3.87.

Insider Activity

In other Ardelyx 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 acquired at an average price of $4.99 per share, for a total transaction of $993,010.00. Following the completion of the purchase, the director now owns 1,937,765 shares in the company, valued at $9,669,447.35. The trade was a 11.44 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David P. Rosenbaum sold 27,171 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $6.10, for a total transaction of $165,743.10. Following the sale, the insider now directly owns 153,616 shares of the company’s stock, valued at $937,057.60. The trade was a 15.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 193,358 shares of company stock valued at $1,041,766 in the last 90 days. 5.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ardelyx

Large investors have recently modified their holdings of the stock. Newbridge Financial Services Group Inc. bought a new stake in Ardelyx during the fourth quarter valued at $35,000. Bleakley Financial Group LLC bought a new position in shares of Ardelyx in the fourth quarter worth $98,000. Clay Northam Wealth Management LLC increased its stake in Ardelyx by 9.3% during the 4th quarter. Clay Northam Wealth Management LLC now owns 307,680 shares of the biopharmaceutical company’s stock valued at $1,560,000 after buying an additional 26,208 shares during the period. China Universal Asset Management Co. Ltd. raised its holdings in Ardelyx by 10.9% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 50,222 shares of the biopharmaceutical company’s stock worth $255,000 after purchasing an additional 4,942 shares in the last quarter. Finally, Heck Capital Advisors LLC acquired a new stake in Ardelyx in the 4th quarter valued at about $121,000. Institutional investors own 58.92% of the company’s stock.

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.