FREMONT, Calif. (AP) _ Ardelyx Inc. (ARDX) on Wednesday reported a loss of $23.5 million in its third quarter.
The Fremont, California-based company said it had a loss of 37 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 38 cents per share.
The biotechnology company posted revenue of $3 million in the period.
Ardelyx shares have nearly tripled since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $5.15, a rise of 56% in the last 12 months.