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Tag: ARDX

  • Ardelyx, Inc. (ARDX) Stock Rebounds Premarket Following a SEC Filing

    Ardelyx, Inc. (ARDX) is a leading biotechnology company engaged in the discovery, development, and marketing of medicines to improve patients with cardiorenal and kidney diseases. The pipeline candidate of the company is tenapanor in Phase 3 trials, which is used to control serum phosphorus in dialysis patients. Another product candidate is RDX013 for the treatment of hyperkalemia and metabolic acidosis.

    The price of ARDX stock during regular trading on March 1, 2022, was $0.72 with a decline of 5.45%. At last check in the premarket on March 2, 2022, the stock rebounded by 10.58%.

    ARDX: Events and Happenings

    On March 1, 2022, ARDX updated the recent filing with the Securities and Exchange Commission regarding the securities offered to employees according to employee benefit plans.

    ARDX: Key Financials

    On February 28, 2022, ARDX released its financial results for the fourth quarter of 2021 ended December 31, 2021. Some of the notable features are mentioned below.

    Revenue

    Total revenues during Q4 2021 were recorded to be $1.02 million versus $1.8 million in the same quarter of 2020. The company observed a $0.78 million decline in its revenue year-over-year. The company topped the revenue estimates by $8,600.

    EPS

    Basic and diluted net loss during the fourth quarter of 2021 was $36.2 million or $0.31 per share versus $28.8 million or $0.32 per share in the same year-ago period. The company observed an increase in its net loss over the year. Also, the company missed the estimates of the analysts by -$0.05.

    On February 24, 2022, ARDX reported its entry into a debt financing contract with SLR Capital Partners investment affiliates. On February 4, 2022, ARDX announced the grant of four employees’ options by its BoDs for the acquisition of up to 35,547 shares of its common stock. The company also granted a sum of 25,750 Restricted Stock Units to its five employees. Every stock option had an exercise price of $0.84 per share.

    On November 30, 2021, ARDX informed in the press release about its plan to unveil IBSRELA in Q2 2022. It is the certified treatment of the company for irritable bowel syndrome with constipation. On November 11, 2021, ARDX reported its Executive management’s participation at the Virtual Jefferies London Healthcare Conference held on November 16 – 19, 2021.

    Conclusion

    ARDX stock downplayed by 89% in 2021 as the reaction of the pandemic on the economy. The company’s stock gained momentum in the current premarket as it reported the recent SEC filing of securities offered to its employees. For the first fiscal quarter of 2022, the analysts expect $2 million in revenue and -$0.22 EPS.

  • 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.