Ardelyx Inc (NASDAQ:ARDX) Stock Selling Pressure Intensifies After Earnings

It was not a particularly good time for the investors in the biopharmaceutical firm Ardelyx Inc (NASDAQ:ARDX).

Market Stats

On Friday, ARDX stock fell 3.45% at $1.12 with more than 2.86 million shares, compared to its average volume of 3.60 million shares. The stock has moved within a range of $1.1100 – 1.1500 after opening trading at $1.15.

Earnings Recap

The company saw its stock suffer from a selloff for the majority of last week and declined by 3% on Friday, thereby taking its losses for the previous week to as much as 6%. Ardelyx, which is involved in developing treatments for those suffering from cardiorenal and kidne diseases, announced its financial results for the third fiscal quarter that had ended on September 30, 2021 last Friday. It might be a good time for investors to perhaps take a closer look into it.

The company reported that at the end of the third quarter it had total cash equivalents, short term investments and cash to the tune of $141.7 million. It should be noted that Ardelyx had reported $188.6 million under the same overhead at the end of the quarter in December 31, 2021.

On the other hand, the revenues for the period came in at $1.2 million and that was mainly made up of collaborative development revenues. During the same period, the company spent as much as $23.7 million towards research and development, which reflected a significant rise from the $12.2 million in the prior year period.

Traders Corner

ARDX stock is trading below the 20-Day and 50-Day Moving averages of $1.19 and $1.25 respectively. Moreover, the stock is trading below the 200-Day moving average of $4.80. The stock is down 15% in the past month.