Patient Demand Drives Ardelyx's Constipation Drug Success Amid IBS-C Treatment Gap, Says Analyst
Portfolio Pulse from Vandana Singh
Raymond James initiated coverage of Ardelyx Inc (NASDAQ: ARDX) with a Strong Buy rating and a price target of $12. Ardelyx's Ibsrela, in its second year of launch, is expected to generate $77 million in FY23. The company has also launched Xphozah for hyperphosphatemia after a successful appeal process. The positive reception of Ibsrela and the clean label of Xphozah without significant safety issues are likely to contribute to a smoother launch trajectory for Xphozah. ARDX shares rose 5.57% to $6.239.
December 18, 2023 | 6:14 pm
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Ardelyx Inc received a Strong Buy rating and a $12 price target from Raymond James. The company's Ibsrela and Xphozah drugs are expected to perform well in the market, with Ibsrela already in its second year and Xphozah launched after a successful appeal.
The Strong Buy rating and $12 price target by Raymond James are significant positive indicators for Ardelyx's stock in the short term. The successful launch and market penetration of Ibsrela, along with the positive outlook for Xphozah, are likely to increase investor confidence and drive stock prices up. The recent 5.57% increase in share price reflects the market's positive reaction to these developments.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100