What is Wedbush’s Forecast for Ardelyx FY2029 Earnings?

Ardelyx, Inc. (NASDAQ:ARDX) – Investment analysts at Wedbush dropped their FY2029 earnings per share estimates for Ardelyx in a report issued on Friday, February 21st. Wedbush analyst L. Chico now anticipates that the biopharmaceutical company will post earnings of $0.88 per share for the year, down from their prior estimate of $0.89. The consensus estimate for Ardelyx’s current full-year earnings is ($0.18) per share.

Ardelyx (NASDAQ:ARDX) last released its earnings results on Thursday, February 20th. The biopharmaceutical company reported $0.02 earnings per share for the quarter, meeting the consensus estimate of $0.02. Ardelyx had a negative net margin of 11.73% and a negative return on equity of 24.87%. The business had revenue of $116.13 million during the quarter, compared to analysts’ expectations of $111.16 million.

ARDX has been the topic of a number of other research reports. Piper Sandler boosted their price target on Ardelyx from $7.00 to $8.00 and gave the stock a “neutral” rating in a research report on Monday, January 27th. HC Wainwright reissued a “neutral” rating and set a $5.50 target price on shares of Ardelyx in a report on Friday, February 21st. Citigroup cut their price target on Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a report on Monday, November 4th. Raymond James reiterated a “strong-buy” rating and issued a $13.00 price objective (down from $15.00) on shares of Ardelyx in a report on Friday, February 21st. Finally, Cantor Fitzgerald raised shares of Ardelyx to a “strong-buy” rating in a research report on Thursday, January 30th. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.93.

Ardelyx Stock Performance

Shares of ARDX opened at $5.18 on Monday. The company has a market cap of $1.23 billion, a PE ratio of -32.38 and a beta of 0.85. The firm has a 50-day moving average of $5.29 and a 200-day moving average of $5.63. Ardelyx has a one year low of $4.32 and a one year high of $9.83. The company has a debt-to-equity ratio of 0.87, a current ratio of 4.58 and a quick ratio of 4.31.

Institutional Trading of Ardelyx

A number of institutional investors have recently modified their holdings of ARDX. Janus Henderson Group PLC raised its stake in Ardelyx by 13.3% in the fourth quarter. Janus Henderson Group PLC now owns 24,387,941 shares of the biopharmaceutical company’s stock valued at $123,587,000 after purchasing an additional 2,858,061 shares in the last quarter. Vanguard Group Inc. increased its holdings in Ardelyx by 5.6% in the 4th quarter. Vanguard Group Inc. now owns 14,362,659 shares of the biopharmaceutical company’s stock valued at $72,819,000 after buying an additional 767,111 shares during the period. State Street Corp raised its position in shares of Ardelyx by 1.5% in the 3rd quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company’s stock valued at $83,657,000 after buying an additional 176,789 shares in the last quarter. Eventide Asset Management LLC raised its position in shares of Ardelyx by 11.2% in the 3rd quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company’s stock valued at $51,076,000 after buying an additional 746,067 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Ardelyx by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 5,509,730 shares of the biopharmaceutical company’s stock worth $27,941,000 after acquiring an additional 21,988 shares in the last quarter. 58.92% of the stock is currently owned by institutional investors.

Insider Activity at Ardelyx

In other Ardelyx news, CEO Michael Raab sold 22,964 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $5.62, for a total transaction of $129,057.68. Following the transaction, the chief executive officer now owns 1,085,755 shares in the company, valued at $6,101,943.10. This represents a 2.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David M. Mott purchased 213,300 shares of the company’s stock in a transaction dated Thursday, December 19th. The stock was acquired at an average price of $4.67 per share, with a total value of $996,111.00. Following the completion of the transaction, the director now owns 1,638,765 shares of the company’s stock, valued at $7,653,032.55. This represents a 14.96 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 141,408 shares of company stock worth $761,963. Corporate insiders own 5.90% 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.