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Tag: ARDX STOCK PRICE

  • Ardelyx, Inc. (ARDX) Stock Consistently Rising, Here’s Why

    Ardelyx, Inc. (ARDX), a biopharmaceutical company, is on a consistent surge in the stock market. In the aftermarket trading session, ARDX stock is trading at $1.22 at the time of the writing after soaring 7.02%. On Tuesday, ARDX stock rallied 32.24% during the mid-day session and closed the day at $1.14. This continuous rise is attributed to the launch of IBSRELA.

    Why ARDX Surging?

    On Tuesday, ARDX announced that it intends to launch the IBSRELA, the treatment for irritable bowel syndrome with constipation, during Q2 2022. The company believed that the time is ripe for the introduction of revolutionary treatment options like IBSRELA in the market. It hopes that IBSRELA has the potential to generate $500 million in peak annual net revenue. The company would use the next few months to build the commercial inventory and prepare the market for the second quarter of 2022.

    Q3 2021 Operational Results

    On 12th November, ARDX released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The company generated $1.17 million in terms of revenue during the quarter against $2.71 million for the same period of 2020. The total operating expenses for the period were $43.4 million against $19.87 million for the same period of 2020. The net loss suffered by the company during the period was $43.58 million (or $0.42 per basic and diluted share) against $18.1million (or $0.20 per basic and diluted share) for the same period of 2020.

    Business Highlights

    ARDX also reported the recent business highlights alongside the operational results. The company presented four posters in the American Society of Nephrology Kidney Week 2021. The event took place from 4th to 7th November. It announced that it expects to submit FDRR by the end of Q4 2021 in early November. In October, the company announced the results of an End of Review Type A meeting with the FDA’s Division of Cardiology and Nephrology. September saw the company announce the publication of its long term 52-week Phase 3 PHREEDOM trial in the American Society of Nephrology Journal.

    Future Outlook for ARDX

    The last three months have seen ARDX stock slide by approximately 20%. The prime reason for that could be the uncertainty associated with the stock with regards to the pharmaceutical products it is developing. However, such stocks have the advantage that their fortunes could change drastically even with a minor positive development regarding their products. Hence, investors should keep a close eye on ARDX stock.

  • Here is why Ardelyx Inc. (ARDX) stock plummeted on Monday?

    Here is why Ardelyx Inc. (ARDX) stock plummeted on Monday?

    Ardelyx Inc. (ARDX) shares plunged 72.34% in after-hours on Monday, July 19, 2021, and closed the day at $2.13. Earlier in the morning session, ARDX’s stock gained 2.67% to close Monday’s session at $7.70. ARDX shares have risen 13.07% over the last 12 months, and they have moved down 3.87% in the past week. Over the past three months, the stock has lost 12.55%, while over the past six months, it has shed 12.90%.

    FDA found deficiencies in NDA for Tenapanor

    Ardelyx, Inc received a letter from the U.S. Food and Drug Administration on July 13, 2021, stating that, as part of its ongoing review of the company’s New Drug Application for the control of serum phosphorus in adult patients with chronic kidney disease on dialysis, the FDA has identified deficiencies that preclude discussion of labelling and post-marketing requirements/commitments at this time. The company immediately requested a meeting to discuss the deficiencies and was notified by the FDA today that the request for a meeting was denied. The company broke this news yesterday, July 19, 2021.

    Ardelyx facing legal battles after FDA setback

    After the FDA letter, Ardelyx has to face legal actions, soon after the news on July 19, 2021, Labaton Sucharow, a nationally ranked and award-winning shareholder rights firm, announced that it is investigating potential securities violations and breach of fiduciary duty claims against Ardelyx, Inc.

    Participation in the recent conferences

    Ardelyx, Inc recently did two presentations at new tenapanor data at the European Renal Association, European Dialysis and Transplant Association (ERA-EDTA) Virtual Congress 2021, which took place on June 5-8, 2021.

    The company also participated in a fireside chat at the Jefferies Virtual Healthcare Conference which was held on Tuesday, June 1, 2021.

    Recent financial results announcement

    On May 6, 2021, Ardelyx, Inc announced its financial results for the first quarter ended March 31, 2021.

    Q1 2021 financial highlights

    • Ardelyx reported revenue of $6.6 million in Q1 2021 compared to $1.2 million in Q1 2020.
    • In Q1 2021, research and development expenses were $20.5 million compared to $15.8 million in Q1 2020.
    • General and administrative expenses were $17.1 million in Q1 2021 compared to $7.1 million in Q1 2020.
    • The company suffered a net loss of 2 million in Q1 2021, as compared to $22.4 million for the quarter ended March 31, 2020.
    • Ardelyx had total cash, cash equivalents, and short-term investments of $178.2 million on March 31, 2021, compared to $188.6 million as of December 31, 2021.

    Conclusion

    The ARDX stock hit rock bottom on Monday after the company broke the negative outcome about its NDA for Tenapanor. ARDX stock can further go down in the coming days because it was a massive setback for the company and the company needs to address the issues as soon as possible to stop its decline in the stock market.