Ardelyx (ARDX)
Market Price (12/27/2025): $5.73 | Market Cap: $1.4 BilSector: Health Care | Industry: Biotechnology
Ardelyx (ARDX)
Market Price (12/27/2025): $5.73Market Cap: $1.4 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 58% | Weak multi-year price returns2Y Excs Rtn is -55% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -38 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -9.5% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12% | |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -14% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.2% | ||
| Key risksARDX key risks include [1] its heavy reliance on the commercial success of its two-product portfolio, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 58% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -55% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -38 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -9.5% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -14% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.2% |
| Key risksARDX key risks include [1] its heavy reliance on the commercial success of its two-product portfolio, Show more. |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
Here are five key points explaining Ardelyx's (ARDX) stock movement by -9.7% from approximately August 31, 2025, to December 27, 2025:
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<b>1. Continued Impact of XPHOZAH Medicare Part D Coverage Loss:</b> The ongoing impact of XPHOZAH losing Medicare Part D coverage, effective January 1, 2025, continued to be a significant concern for investors, weighing on the drug's long-term revenue potential. This loss contributed to a year-over-year decline in XPHOZAH's Q3 2025 revenue. The uncertainty surrounding the appeal of this decision also likely created a drag on the stock throughout the period.
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<b>2. Increased Operating Expenses:</b> Ardelyx reported higher operating expenses in the third quarter of 2025. Research and development expenses increased to $18.1 million from $15.3 million year-over-year, while selling, general, and administrative expenses rose to $83.6 million from $65.0 million year-over-year. These increased costs, despite overall revenue growth, could have negatively impacted investor sentiment regarding the company's profitability.
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<b>3. Analyst Downgrade:</b> On November 25, 2025, Wedbush downgraded Ardelyx from an "outperform" rating to a "hold" rating. Such a downgrade from a prominent financial firm can signal reduced confidence in the company's future performance and lead to a negative reaction in the stock price.
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<b>4. Technical Sell Signals and Bearish Sentiment:</b> Towards the latter part of the specified period, Ardelyx's stock experienced technical sell signals and a prevailing bearish sentiment. A sell signal was triggered on December 12, 2025, contributing to an initial decline of 8.39%. Furthermore, as of December 26, 2025, the overall sentiment for ARDX was described as Bearish, with a predicted drop of -7.25% by January 24, 2026, which likely influenced the negative stock movement.
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<b>5. Unresolved Medicare Part D Appeal:</b> While oral arguments for the appeal regarding Medicare Part D coverage for XPHOZAH were expected on September 25, 2025, the absence of a definitive positive resolution or favorable update within the period from August 31, 2025, to December 27, 2025, likely maintained investor uncertainty and contributed to downward pressure on the stock.
Show moreStock Movement Drivers
Fundamental Drivers
The 3.6% change in ARDX stock from 9/26/2025 to 12/26/2025 was primarily driven by a 3.1% change in the company's Total Revenues ($ Mil).| 9262025 | 12262025 | Change | |
|---|---|---|---|
| Stock Price ($) | 5.54 | 5.74 | 3.61% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 386.15 | 398.23 | 3.13% |
| P/S Multiple | 3.44 | 3.49 | 1.29% |
| Shares Outstanding (Mil) | 239.93 | 241.91 | -0.83% |
| Cumulative Contribution | 3.60% |
Market Drivers
9/26/2025 to 12/26/2025| Return | Correlation | |
|---|---|---|
| ARDX | 3.6% | |
| Market (SPY) | 4.3% | 25.9% |
| Sector (XLV) | 15.2% | 15.6% |
Fundamental Drivers
The 55.6% change in ARDX stock from 6/27/2025 to 12/26/2025 was primarily driven by a 43.2% change in the company's P/S Multiple.| 6272025 | 12262025 | Change | |
|---|---|---|---|
| Stock Price ($) | 3.69 | 5.74 | 55.56% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 361.71 | 398.23 | 10.10% |
| P/S Multiple | 2.43 | 3.49 | 43.23% |
| Shares Outstanding (Mil) | 238.62 | 241.91 | -1.38% |
| Cumulative Contribution | 55.53% |
Market Drivers
6/27/2025 to 12/26/2025| Return | Correlation | |
|---|---|---|
| ARDX | 55.6% | |
| Market (SPY) | 12.6% | 16.6% |
| Sector (XLV) | 17.0% | 13.3% |
Fundamental Drivers
The 19.3% change in ARDX stock from 12/26/2024 to 12/26/2025 was primarily driven by a 58.1% change in the company's Total Revenues ($ Mil).| 12262024 | 12262025 | Change | |
|---|---|---|---|
| Stock Price ($) | 4.81 | 5.74 | 19.33% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 251.85 | 398.23 | 58.12% |
| P/S Multiple | 4.51 | 3.49 | -22.61% |
| Shares Outstanding (Mil) | 235.91 | 241.91 | -2.54% |
| Cumulative Contribution | 19.26% |
Market Drivers
12/26/2024 to 12/26/2025| Return | Correlation | |
|---|---|---|
| ARDX | 19.3% | |
| Market (SPY) | 15.8% | 18.8% |
| Sector (XLV) | 13.3% | 18.7% |
Fundamental Drivers
The 140.2% change in ARDX stock from 12/27/2022 to 12/26/2025 was primarily driven by a 4320.4% change in the company's Total Revenues ($ Mil).| 12272022 | 12262025 | Change | |
|---|---|---|---|
| Stock Price ($) | 2.39 | 5.74 | 140.17% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 9.01 | 398.23 | 4320.40% |
| P/S Multiple | 43.80 | 3.49 | -92.04% |
| Shares Outstanding (Mil) | 165.10 | 241.91 | -46.52% |
| Cumulative Contribution | 88.20% |
Market Drivers
12/27/2023 to 12/26/2025| Return | Correlation | |
|---|---|---|
| ARDX | -12.0% | |
| Market (SPY) | 48.0% | 20.8% |
| Sector (XLV) | 18.2% | 16.6% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ARDX Return | -14% | -83% | 159% | 118% | -18% | 18% | -20% |
| Peers Return | 16% | 38% | -12% | 21% | 26% | 16% | 150% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 114% |
Monthly Win Rates [3] | |||||||
| ARDX Win Rate | 42% | 33% | 58% | 58% | 50% | 58% | |
| Peers Win Rate | 52% | 65% | 42% | 68% | 57% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| ARDX Max Drawdown | -42% | -87% | -54% | -6% | -27% | -35% | |
| Peers Max Drawdown | -34% | -5% | -26% | -7% | -9% | -23% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See ARDX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)
How Low Can It Go
| Event | ARDX | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -94.3% | -25.4% |
| % Gain to Breakeven | 1660.4% | 34.1% |
| Time to Breakeven | 574 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -50.5% | -33.9% |
| % Gain to Breakeven | 102.1% | 51.3% |
| Time to Breakeven | 399 days | 148 days |
| 2018 Correction | ||
| % Loss | -88.9% | -19.8% |
| % Gain to Breakeven | 800.6% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
Compare to HPQ, HPE, IBM, CSCO, AAPL
In The Past
Ardelyx's stock fell -94.3% during the 2022 Inflation Shock from a high on 4/28/2021. A -94.3% loss requires a 1660.4% gain to breakeven.
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AI Analysis | Feedback
1. Like a specialized Amgen focusing on kidney and heart-related diseases.
2. Similar to Eli Lilly or Novo Nordisk, but concentrating on treatments for chronic kidney disease.
AI Analysis | Feedback
- Xphozah (tenapanor): A phosphate absorption inhibitor indicated for the control of serum phosphorus in adult patients with chronic kidney disease (CKD) on dialysis.
- Ibsrela (tenapanor): A sodium-hydrogen exchanger 3 (NHE3) inhibitor approved for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults.
AI Analysis | Feedback
Ardelyx (ARDX) sells primarily to other companies, specifically pharmaceutical wholesalers, who then distribute the company's products (such as IBSRELA and XPHOZAH) to pharmacies, hospitals, and other healthcare providers.
Its major customers in the pharmaceutical distribution chain typically include:
- McKesson Corporation (Symbol: MCK)
- Cencora, Inc. (formerly AmerisourceBergen Corporation) (Symbol: COR)
- Cardinal Health, Inc. (Symbol: CAH)
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Ardelyx (ARDX) Management Team:Mike Raab, President & Chief Executive Officer
Mike Raab has served as Ardelyx's President and Chief Executive Officer since March 2009. He has over three decades of experience in the biotechnology and pharmaceutical industries. Prior to Ardelyx, Mike was a partner at New Enterprise Associates (NEA), one of the world's largest venture capital firms, specializing in healthcare investments, indicating a background in managing companies backed by private equity-like firms. Before joining NEA in 2002, he spent 15 years in commercial and operating leadership roles, including Senior Vice President, Therapeutics and General Manager of the Renal Division at Genzyme Corporation, where he was instrumental in the worldwide launch of therapies for Gaucher disease and oversaw the sales growth of sevelamer.
Sue Hohenleitner, Chief Financial Officer
Sue Hohenleitner was appointed Chief Financial Officer of Ardelyx, effective November 4, 2025. She brings over 30 years of experience in corporate finance, strategic planning, investor relations, and operations. Before joining Ardelyx, Ms. Hohenleitner had a 28-year career at Johnson & Johnson, where she most recently served as Vice President and Chief Financial Officer of Johnson & Johnson Innovative Medicine North America, overseeing financial strategies for a $36 billion commercial business. During her tenure at J&J, she led multiple finance organizations across various functions, including supply chain, innovation, commercial, business development, and investor relations, and played a key role in acquisition deals that resulted in successful commercial launches.
Eric Foster, Chief Commercial Officer
Eric Foster has served as Ardelyx's Chief Commercial Officer since August 2024. He brings over two decades of commercial experience in biotech and pharmaceuticals, with a focus on rare disease and specialty markets. Prior to Ardelyx, he was Senior Vice President and U.S. General Manager at Horizon Therapeutics, which was acquired by Amgen. At Horizon, he established new market strategies and transformed pricing and access strategies, leading to record growth. His career also includes leadership roles at GlaxoSmithKline and sales and market access positions at Johnson & Johnson.
Elizabeth Grammer, Esq., Chief Legal & Administrative Officer
Elizabeth Grammer has served as Ardelyx's Chief Legal and Administrative Officer since 2020, having previously been General Counsel since May 2014 and holding various legal roles at the company since early 2010. She has over 30 years of experience representing and advising privately held and publicly traded life sciences companies, providing strategic leadership in legal, corporate governance, intellectual property, human resources, and compliance operations. Prior to Ardelyx, Ms. Grammer served as Vice President and General Counsel of Trine Pharmaceuticals and General Counsel of GelTex Pharmaceuticals. She began her career in law firms, focusing on emerging life sciences companies.
Edward Conner, MD, Chief Medical Officer
Edward Conner, MD, has served as Ardelyx's Chief Medical Officer since August 2025. He is a seasoned biopharmaceutical executive with over two decades of experience in advancing innovative therapies through clinical development and regulatory approval across numerous therapeutic areas. Dr. Conner joined Ardelyx from Third Harmonic Bio, where he also served as Chief Medical Officer. His previous leadership roles include Chief Medical Officer and Senior Vice President at Sangamo Therapeutics, Vice President at Ultragenyx Pharmaceutical, Senior Medical Director at BioMarin Pharmaceutical, and Medical Director at Genentech.
AI Analysis | Feedback
Ardelyx (ARDX) faces several key business risks, primarily stemming from its reliance on a limited product portfolio and the complex healthcare regulatory and reimbursement landscape.
- Dependence on Key Products and Reimbursement Challenges: Ardelyx's financial viability is heavily tied to the successful commercialization of its two main products, IBSRELA and XPHOZAH. The company faces significant risks related to market acceptance, pricing pressures, and particularly reimbursement challenges. Notably, XPHOZAH recently experienced a loss of Medicare Part D coverage, which effectively removed a substantial portion of its addressable market and directly impacted revenue. This necessitates a focus on commercial and private payers and expanded patient assistance programs, which can increase selling, general, and administrative (SG&A) expenses.
- Lack of Profitability and Need for Additional Financing: Ardelyx has consistently incurred operating losses since its inception and anticipates continued losses as it advances its commercialization efforts for IBSRELA and XPHOZAH, and invests in research and development for new candidates. While the company has reported a strong cash position, its ability to achieve sustainable profitability and, if necessary, secure additional financing on favorable terms, remains crucial for its long-term stability and growth.
- Regulatory Hurdles and Competition: As a biopharmaceutical company, Ardelyx operates within a highly regulated environment, exposing it to risks such as evolving regulatory scrutiny, increasing compliance and research and development costs, and potential delays or difficulties in obtaining approvals for label expansions or new pipeline candidates. Furthermore, the competitive landscape for treatments targeting Irritable Bowel Syndrome with Constipation (IBS-C) and Chronic Kidney Disease (CKD) on dialysis could exert pressure on pricing, market access, and overall market positioning for Ardelyx's products.
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Ardelyx (ARDX) has two main commercial products: IBSRELA (tenapanor) and XPHOZAH (tenapanor).
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IBSRELA (tenapanor) for Irritable Bowel Syndrome with Constipation (IBS-C):
- Ardelyx expects IBSRELA to achieve greater than $1.0 billion in annual U.S. net product sales revenue at peak.
- The global Irritable Bowel Syndrome (IBS) treatment market is projected to grow from USD 1.96 billion in 2024 to approximately USD 3.41 billion by 2034.
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XPHOZAH (tenapanor) for hyperphosphatemia in adult patients with chronic kidney disease (CKD) on dialysis:
- Ardelyx expects XPHOZAH to achieve $750 million in annual U.S. net product sales revenue at peak.
- The global hyperphosphatemia treatment market size was valued at USD 1.33 billion in 2024 and is projected to reach USD 3.07 billion by 2035. Other estimates for the global hyperphosphatemia treatment market include USD 2.6 billion in 2024, growing to USD 5.6 billion in 2034, or USD 5.15 billion in 2024, projected to reach USD 8.5 billion by 2035. The market also reached USD 3.71 billion in 2025 and is forecast to advance to USD 4.44 billion by 2030.
- The U.S. hyperphosphatemia treatment market reached USD 1,052.6 million in 2024. North America, which includes the U.S., led the global hyperphosphatemia treatment market in 2024, capturing the largest revenue share of 39.8%.
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Ardelyx (ARDX) is anticipated to drive future revenue growth over the next 2-3 years through several key factors, primarily focusing on the continued commercial success of its two approved products and advancements in its pipeline.
- Continued Growth of IBSRELA (tenapanor): IBSRELA, a treatment for irritable bowel syndrome with constipation (IBS-C), is expected to be a significant revenue driver. The company reported substantial year-over-year and sequential growth in IBSRELA revenue in Q3 2025, reaching $78.2 million, a 92% increase compared to Q3 2024. Ardelyx has raised its full-year 2025 revenue guidance for IBSRELA to a range of $270 million to $275 million, reflecting sustained demand from patients and effective commercial execution. Management anticipates IBSRELA to achieve over $1 billion in annual U.S. net product sales at peak.
- Growing Adoption and Market Penetration of XPHOZAH (tenapanor): XPHOZAH, approved for hyperphosphatemia in chronic kidney disease patients on dialysis, is also projected to contribute to revenue growth. Despite challenges related to Medicare Part D coverage changes in 2025, XPHOZAH demonstrated sequential revenue growth of 9% from Q2 to Q3 2025, reaching $27.4 million. Ardelyx is focused on ensuring patient access and strengthening clinical conviction among nephrologists to drive its adoption. The company has set a long-term peak sales target of $750 million for XPHOZAH.
- Advancement of Pipeline through RDX10531: Ardelyx is investing in its pipeline with the development of RDX10531, a next-generation NHE3 inhibitor. The company announced plans for an Investigational New Drug (IND) submission to the FDA in 2026, signaling a commitment to future growth through new product launches and potential expansion into multiple therapeutic areas. This pipeline development underscores Ardelyx's strategy to build on its leadership in NHE3 inhibition.
- International Partnerships and Licensing Agreements: While the primary focus remains on the U.S. market for its key products, Ardelyx has engaged in international partnerships. For instance, its drug was approved in China with Fosun Pharma, which includes milestone payments and royalties on sales, and it has a partnership with Knight Therapeutics in Canada for IBS-C. These partnerships represent opportunities for additional revenue streams through product supply and licensing, contributing to long-term growth.
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Share Repurchases
- Ardelyx's reported buyback yield was 0.00% for 2024, 2023, 2022, and 2021, suggesting no significant share repurchases during these years.
Share Issuance
- In 2025, Ardelyx undertook an at-the-market offering of its common stock for up to an aggregate amount of $100 million.
- An additional 10,000,000 shares of common stock became available for issuance under the 2014 Equity Incentive Award Plan in November 2025, following stockholder approval in June 2025.
Inbound Investments
- In June 2025, Ardelyx drew $48.7 million in net proceeds through a term loan with SLR Investment Corp.
- In July 2025, the company amended its loan agreement, drawing the remaining $50 million tranche and securing an option to draw an additional $100 million in debt, structured as two $50 million tranches.
- These debt facilities feature interest-only payments until maturity.
Outbound Investments
- Ardelyx has not made any significant outbound investments or acquisitions in recent years.
Capital Expenditures
- Ardelyx reported capital expenditures of $0.65 million for the three months ended June 2025.
- Annual capital expenditures were $1.01 million in 2024, $0.34 million in 2023, and $1.87 million in 2021.
- The company's capital allocation supports investments in innovation and long-term growth.
Latest Trefis Analyses
| Title | Topic | |
|---|---|---|
| DASHBOARDS | ||
| Ardelyx Earnings Notes | ||
| Would You Still Hold Ardelyx Stock If It Fell Another 30%? | Return | |
| Ardelyx (ARDX) Operating Cash Flow Comparison | Financials | |
| Ardelyx (ARDX) Net Income Comparison | Financials | |
| Ardelyx (ARDX) Debt Comparison | Financials | |
| Ardelyx (ARDX) Operating Income Comparison | Financials | |
| Ardelyx (ARDX) EBITDA Comparison | Financials | |
| Ardelyx (ARDX) Revenue Comparison | Financials | |
| Ardelyx (ARDX) Tax Expense Comparison | Financials | |
| ARDX Dip Buy Analysis |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to ARDX. For more, see Trefis Trade Ideas.
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| 11072025 | TFX | Teleflex | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 11.8% | 11.8% | -5.1% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Ardelyx
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 51.32 |
| Mkt Cap | 158.8 |
| Rev LTM | 56,496 |
| Op Inc LTM | 7,584 |
| FCF LTM | 7,327 |
| FCF 3Y Avg | 7,366 |
| CFO LTM | 8,590 |
| CFO 3Y Avg | 8,697 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.4% |
| Rev Chg 3Y Avg | 3.2% |
| Rev Chg Q | 9.4% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Mgn LTM | 12.1% |
| Op Mgn 3Y Avg | 11.9% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 14.6% |
| CFO/Rev 3Y Avg | 17.1% |
| FCF/Rev LTM | 11.6% |
| FCF/Rev 3Y Avg | 12.1% |
Price Behavior
| Market Price | $5.74 | |
| Market Cap ($ Bil) | 1.4 | |
| First Trading Date | 06/19/2014 | |
| Distance from 52W High | -14.1% | |
| 50 Days | 200 Days | |
| DMA Price | $5.65 | $5.06 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | 1.5% | 13.5% |
| 3M | 1YR | |
| Volatility | 60.7% | 66.6% |
| Downside Capture | 181.88 | 112.79 |
| Upside Capture | 162.76 | 114.02 |
| Correlation (SPY) | 23.3% | 18.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.12 | 1.34 | 1.25 | 1.06 | 0.67 | 1.15 |
| Up Beta | -1.48 | 0.25 | 0.55 | 0.36 | 0.10 | 1.00 |
| Down Beta | 2.11 | 1.60 | 1.15 | 0.86 | 0.75 | 0.95 |
| Up Capture | 498% | 172% | 101% | 209% | 115% | 333% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 9 | 17 | 26 | 63 | 119 | 368 |
| Down Capture | 198% | 130% | 168% | 92% | 111% | 105% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 10 | 22 | 33 | 57 | 121 | 366 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of ARDX With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| ARDX | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 19.1% | 15.1% | 17.8% | 72.1% | 8.6% | 4.4% | -8.3% |
| Annualized Volatility | 66.5% | 17.2% | 19.4% | 19.3% | 15.2% | 17.0% | 35.0% |
| Sharpe Ratio | 0.53 | 0.65 | 0.72 | 2.70 | 0.34 | 0.09 | -0.08 |
| Correlation With Other Assets | 18.2% | 18.6% | -1.8% | 11.2% | 19.6% | 8.9% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data
| Comparison of ARDX With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| ARDX | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -4.1% | 8.4% | 14.7% | 18.7% | 11.5% | 4.6% | 30.8% |
| Annualized Volatility | 88.6% | 14.5% | 17.1% | 15.5% | 18.7% | 18.9% | 48.7% |
| Sharpe Ratio | 0.42 | 0.40 | 0.70 | 0.97 | 0.50 | 0.16 | 0.57 |
| Correlation With Other Assets | 18.7% | 22.0% | 0.9% | 1.0% | 17.3% | 13.4% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of ARDX With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| ARDX | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -11.5% | 9.9% | 14.8% | 15.3% | 7.0% | 5.3% | 69.2% |
| Annualized Volatility | 84.8% | 16.6% | 18.0% | 14.7% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.27 | 0.49 | 0.71 | 0.86 | 0.32 | 0.22 | 0.90 |
| Correlation With Other Assets | 24.8% | 25.6% | 0.6% | 5.9% | 19.0% | 11.8% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/30/2025 | 21.0% | 12.8% | 10.6% |
| 8/4/2025 | 16.9% | 23.0% | 48.3% |
| 5/1/2025 | -24.5% | -33.5% | -29.6% |
| 1/13/2025 | 16.0% | -1.2% | 8.9% |
| 10/31/2024 | 3.7% | 8.7% | -5.6% |
| 8/1/2024 | 10.0% | 6.7% | 12.4% |
| 5/2/2024 | 28.4% | 18.7% | 1.9% |
| 2/22/2024 | -1.6% | 5.7% | -12.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 14 | 15 |
| # Negative | 8 | 7 | 6 |
| Median Positive | 6.4% | 8.9% | 13.5% |
| Median Negative | -4.4% | -14.2% | -12.3% |
| Max Positive | 28.4% | 26.0% | 48.3% |
| Max Negative | -24.5% | -33.5% | -29.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10302025 | 10-Q 9/30/2025 |
| 6302025 | 8042025 | 10-Q 6/30/2025 |
| 3312025 | 5012025 | 10-Q 3/31/2025 |
| 12312024 | 2202025 | 10-K 12/31/2024 |
| 9302024 | 10312024 | 10-Q 9/30/2024 |
| 6302024 | 8012024 | 10-Q 6/30/2024 |
| 3312024 | 5022024 | 10-Q 3/31/2024 |
| 12312023 | 2222024 | 10-K 12/31/2023 |
| 9302023 | 10312023 | 10-Q 9/30/2023 |
| 6302023 | 8022023 | 10-Q 6/30/2023 |
| 3312023 | 5032023 | 10-Q 3/31/2023 |
| 12312022 | 3022023 | 10-K 12/31/2022 |
| 9302022 | 11032022 | 10-Q 9/30/2022 |
| 6302022 | 8042022 | 10-Q 6/30/2022 |
| 3312022 | 5052022 | 10-Q 3/31/2022 |
| 12312021 | 2282022 | 10-K 12/31/2021 |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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