What's Going On With Ardelyx Stock After Earnings?
Portfolio Pulse from Erica Kollmann
Ardelyx, Inc. (NASDAQ:ARDX) reported mixed Q4 financial results, with a loss per share of 12 cents, missing analyst estimates by 20%, and quarterly sales of $34.36 million, slightly above expectations but a 22.22% decrease year-over-year. The company ended 2023 with $184.3 million in cash and investments, and forecasts 2024 U.S. net product sales for Ibsrela between $140 million and $150 million. Wedbush analyst Laura Chico maintained an Outperform rating and a $13 price target on ARDX. The stock saw above-average trading volume following the earnings report.
February 23, 2024 | 8:37 pm
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NEUTRAL IMPACT
Ardelyx reported mixed Q4 results with a larger-than-expected loss and slight sales beat, but a significant year-over-year sales decrease. The company has a positive sales forecast for 2024 and maintained support from Wedbush.
The mixed earnings report, with a larger-than-expected loss but a slight beat on sales, presents a neutral short-term impact. The positive sales forecast for 2024 and the maintained Outperform rating by Wedbush could support the stock, but the significant year-over-year sales decrease may concern investors.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100