Ardelyx (ARDX – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Joseph Thome from TD Cowen maintained a Buy rating on the stock and has a $11.00 price target.
Joseph Thome has given his Buy rating due to a combination of factors related to the financial and commercial performance of Ardelyx’s products. The sales figures for Ibsrela align with previous announcements, showing a strong market presence and reflecting confidence in future sales projections. The revision of Ibsrela’s peak sales to over $1 billion, based on its successful launch trajectory, underscores the product’s substantial revenue potential. Furthermore, the FY24 sales guidance provided is viewed as attainable, with Thome’s own estimates matching the higher end of the provided range, suggesting a robust growth outlook for Ibsrela.
Additionally, the recent FDA approval of Xphozah for the treatment of hyperphosphatemia in CKD patients on dialysis has commenced positively with sales in line with expectations, even though the product has been on the market for less than two months. The management of Ardelyx reports promising trends in both new and refill prescriptions, indicating a strong market uptake. The less burdensome dosing of Xphozah compared to traditional phosphate binders is anticipated to drive adoption and improve patient compliance. Moreover, the potential for Xphozah’s inclusion in the ESRD bundle, despite possible legislative delays, presents an opportunity for significant revenue growth, which is factored into Thome’s revenue estimates with appropriate risk adjustments.
In another report released on February 21, Piper Sandler also maintained a Buy rating on the stock with a $12.00 price target.
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Ardelyx (ARDX) Company Description:
Ardelyx, Inc. is a biopharmaceutical company, which engages in the research, development and commercialization of medicine for the treatment of renal diseases. It focuses on the formulation of programs directed toward treating gastrointestinal and irritable bowel syndrome with constipations. Its product portfolio includes tenapanor, which is an experimental medication that works exclusively in the gut and is in late-stage clinical development. The company was founded by Dominique Charmot, Peter G. Schultz, and Jean M. Frechet on October 17, 2007 and is headquartered in Fremont, CA.
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