02:16 PM EDT, 05/03/2024 (MT Newswires) -- Ardelyx's ( ARDX ) shares rose 27.5% in recent Friday trading, a day after the company reported Q1 results that beat market expectations.

The biotechnology firm narrowed its Q1 loss to $0.11 per diluted share from $0.13 a year earlier.

Analysts polled by Capital IQ expected a loss of $0.15.

Revenue for the quarter ended March 31 was $46 million, up from $11.4 million a year earlier.

Analysts surveyed by Capital IQ expected $36.4 million.

Ardelyx ( ARDX ) said it had $202.6 million in cash, cash equivalents, and short-term investments as of March 31, compared with $184.3 million at the end of 2023.

Price: 8.66, Change: +1.87, Percent Change: +27.47