Ardelyx (NASDAQ:ARDX) – Analysts at Leerink Swann lowered their FY2021 earnings per share estimates for Ardelyx in a note issued to investors on Monday, April 16th. Leerink Swann analyst A. Fadia now forecasts that the biopharmaceutical company will post earnings per share of $0.56 for the year, down from their previous forecast of $0.70. Leerink Swann currently has a “Outperform” rating and a $13.00 price target on the stock. Leerink Swann also issued estimates for Ardelyx’s FY2022 earnings at $1.43 EPS.
A number of other research analysts have also recently weighed in on ARDX. Zacks Investment Research cut Ardelyx from a “hold” rating to a “sell” rating in a research report on Tuesday, March 20th. ValuEngine cut Ardelyx from a “sell” rating to a “strong sell” rating in a research report on Friday, February 2nd. BidaskClub cut Ardelyx from a “hold” rating to a “sell” rating in a research report on Wednesday, February 14th. Finally, Cantor Fitzgerald set a $12.00 price target on Ardelyx and gave the company a “buy” rating in a research report on Wednesday, January 3rd. Three investment analysts have rated the stock with a sell rating and six have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $12.93.
Ardelyx (NASDAQ:ARDX) last released its quarterly earnings data on Wednesday, March 14th. The biopharmaceutical company reported $0.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.39) by $0.60. The business had revenue of $42.00 million during the quarter, compared to analysts’ expectations of $6.00 million.
Hedge funds have recently made changes to their positions in the company. Rock Springs Capital Management LP increased its position in shares of Ardelyx by 13.8% in the fourth quarter. Rock Springs Capital Management LP now owns 2,275,557 shares of the biopharmaceutical company’s stock valued at $15,019,000 after buying an additional 275,557 shares in the last quarter. Crestline Management LP increased its position in shares of Ardelyx by 226.9% in the fourth quarter. Crestline Management LP now owns 461,162 shares of the biopharmaceutical company’s stock valued at $3,044,000 after buying an additional 320,096 shares in the last quarter. Opaleye Management Inc. increased its position in shares of Ardelyx by 28.6% in the fourth quarter. Opaleye Management Inc. now owns 900,000 shares of the biopharmaceutical company’s stock valued at $5,940,000 after buying an additional 200,000 shares in the last quarter. Candriam Luxembourg S.C.A. purchased a new stake in Ardelyx during the 4th quarter worth about $1,980,000. Finally, Virtus Fund Advisers LLC purchased a new stake in Ardelyx during the 4th quarter worth about $386,000. Institutional investors and hedge funds own 74.26% of the company’s stock.
Ardelyx Company Profile
Ardelyx, Inc, a specialized biopharmaceutical company, develops and sells disruptive medicines for the treatment of cardio renal and gastrointestinal diseases in the United States and Asia Pacific. 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 for the treatment of hyperphosphatemia in end-stage renal disease patients on dialysis.
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