Ardelyx (ARDX) shares plummeted 5.06% in pre-market trading on Friday following the release of the company's first-quarter financial results.
The biopharmaceutical company reported a net loss of $0.15 per diluted share for Q1, which narrowed from a loss of $0.17 per share in the same period last year but missed analyst expectations of a $0.14 loss. Revenue for the quarter came in at $94.5 million, exceeding both the year-ago figure of $74.1 million and the consensus estimate of $92.8 million.
Despite the revenue beat, investors appeared to focus on the earnings miss, leading to the significant pre-market decline as the market digested the mixed quarterly performance.
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