H.C. Wainwright analyst Ed Arce maintained a Buy rating on Ardelyx (ARDX – Research Report) today and set a price target of $11.00.
Ed Arce’s Buy rating on Ardelyx’s stock is primarily influenced by a combination of factors. First, the firm has recently announced that their product, XPHOZAH (tenapanor), is ready for shipment to pharmacies. This product is intended for use as an add-on therapy for adult chronic kidney disease patients undergoing dialysis who have not responded adequately to phosphate binders or cannot tolerate any dose of phosphate binder therapy. The novel mechanism of action of XPHOZAH, which operates as a sodium hydrogen exchange 3 (NHE3) inhibitor, offers a unique alternative pathway to reduce serum phosphorus, especially for patients who are intolerant to phosphate binders.
Furthermore, the unique mechanism of action is seen as a justification for the premium pricing of XPHOZAH at $2,960/month, compared to the $1,400-2,400 monthly price range estimates for currently approved phosphate binders. Arce also considered the company’s existing commercial infrastructure, which includes a dedicated nephrology sales team of 60 reps covering about 8,000 high-prescribing nephrology health care providers. This infrastructure is predicted to contribute significantly to XPHOZAH’s early commercial traction. Lastly, Arce’s rating is also influenced by the projected net sales of XPHOZAH, which are estimated to reach $1.3M in 4Q23 for about 1.5 months of sales.
In another report released yesterday, Citi also maintained a Buy rating on the stock with a $9.00 price target.
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Based on the recent corporate insider activity of 49 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ARDX in relation to earlier this year.
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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.
Read More on ARDX:
- Ardelyx Shares Positive Data from Studies of XPHOZAH® (tenapanor), a First-in-Class Phosphate Absorption Inhibitor, at ASN Kidney Week 2023
- Ardelyx shares data from studies of XPHOZAH at ASN Kidney Week 2023
- Biotech Alert: Searches spiking for these stocks today
- Ardelyx price target raised to $11 from $9 at H.C. Wainwright
- Ardelyx Reports Third Quarter 2023 Financial Results and Updates 2023 U.S. IBSRELA® Net Sales Revenue Guidance
