Analysts Issue Forecasts for Ardelyx, Inc.’s FY2023 Earnings (NASDAQ:ARDX)

Ardelyx, Inc. (NASDAQ:ARDXGet Rating) – Cantor Fitzgerald issued their FY2023 earnings per share (EPS) estimates for shares of Ardelyx in a report released on Monday, June 6th. Cantor Fitzgerald analyst L. Chen anticipates that the biopharmaceutical company will post earnings per share of ($0.51) for the year. Cantor Fitzgerald has a “Neutral” rating and a $1.00 price objective on the stock.

A number of other analysts have also recently weighed in on ARDX. Jefferies Financial Group raised shares of Ardelyx from a “hold” rating to a “buy” rating and upped their target price for the company from $1.00 to $5.00 in a research note on Wednesday, March 2nd. StockNews.com initiated coverage on shares of Ardelyx in a research note on Thursday, March 31st. They issued a “sell” rating on the stock. Zacks Investment Research cut shares of Ardelyx from a “buy” rating to a “hold” rating in a research note on Tuesday, May 3rd. Wedbush decreased their price objective on shares of Ardelyx from $2.00 to $1.00 in a research note on Tuesday, March 1st. Finally, Piper Sandler decreased their price objective on shares of Ardelyx from $4.00 to $3.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Ardelyx currently has a consensus rating of “Hold” and a consensus price target of $4.71.

NASDAQ ARDX opened at $0.70 on Wednesday. The company’s 50-day simple moving average is $0.80 and its 200 day simple moving average is $0.92. Ardelyx has a twelve month low of $0.58 and a twelve month high of $2.15.

Ardelyx (NASDAQ:ARDXGet Rating) last posted its quarterly earnings data on Thursday, May 5th. The biopharmaceutical company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.01. Ardelyx had a negative net margin of 3,843.36% and a negative return on equity of 177.07%. During the same quarter in the prior year, the business posted ($0.34) EPS.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. lifted its holdings in Ardelyx by 3.8% in the third quarter. BlackRock Inc. now owns 6,455,902 shares of the biopharmaceutical company’s stock valued at $8,522,000 after buying an additional 237,006 shares during the period. Great Point Partners LLC acquired a new position in Ardelyx in the first quarter valued at approximately $5,095,000. AIGH Capital Management LLC lifted its holdings in Ardelyx by 29.7% in the first quarter. AIGH Capital Management LLC now owns 3,114,602 shares of the biopharmaceutical company’s stock valued at $3,333,000 after buying an additional 712,795 shares during the period. Morgan Stanley lifted its holdings in Ardelyx by 1,054.5% in the third quarter. Morgan Stanley now owns 2,280,023 shares of the biopharmaceutical company’s stock valued at $3,009,000 after buying an additional 2,082,527 shares during the period. Finally, State Street Corp lifted its holdings in Ardelyx by 7.0% in the first quarter. State Street Corp now owns 2,127,557 shares of the biopharmaceutical company’s stock valued at $2,276,000 after buying an additional 139,484 shares during the period. Institutional investors and hedge funds own 32.35% of the company’s stock.

About Ardelyx (Get Rating)

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, which has completed Phase III clinical trial for the treatment of patients with irritable bowel syndrome with constipation, as well as in Phase III clinical trial to control serum phosphorus in adult patients with chronic kidney disease (CKD)on dialysis, or hyperphosphatemia.

Further Reading

Earnings History and Estimates for Ardelyx (NASDAQ:ARDX)

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