H.C. Wainwright analyst Ed Arce has maintained their bullish stance on ARDX stock, giving a Buy rating yesterday.
Ed Arce has given his Buy rating due to a combination of factors related to Ardelyx’s growth trajectory and market positioning. The company’s lead product, IBSRELA, has shown consistent quarterly and annual growth since its launch, with an impressive 84% projected growth in U.S. net sales for 2024. Moreover, management’s target of achieving over $1 billion in annual U.S. net sales by 2033 appears to be on track, bolstered by IBSRELA’s growing market share in the treatment of irritable bowel syndrome with constipation (IBS-C). This optimistic outlook has led to an increase in the price target for ARDX shares to $13, reflecting confidence in the long-term potential of IBSRELA within its market.
Additionally, the company is taking active steps to support this growth by expanding its sales force, which is anticipated to further drive IBSRELA’s market penetration. Alongside IBSRELA’s success, Ardelyx’s new product, XPHOZAH, has also made a strong entry into the market with $2.5 million in net sales within approximately seven weeks of launch. This figure is particularly promising as it closely reflects actual patient demand with minimal retail inventory stocking. The initiation of a real-world evidence study for XPHOZAH further demonstrates Ardelyx’s commitment to understanding and enhancing the treatment’s long-term effects and patient satisfaction, indicating a strategic approach to solidifying its presence in the market for chronic kidney disease treatments.
In another report released yesterday, TD Cowen also maintained a Buy rating on the stock with a $11.00 price target.
See Insiders’ Hot Stocks on TipRanks >>
Based on the recent corporate insider activity of 68 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.
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
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 Reports Fourth Quarter and Full Year 2023 Financial Results and Provides Business Update
- After a Significant Stock Run, Market Awaits Ardelyx’s (NASDAQ:ARDX) Q4 Earnings
- Ardelyx call volume above normal and directionally bullish
- Ardelyx to Report Fourth Quarter and Full Year 2023 Financial Results on February 22, 2024
- Ardelyx put volume heavy and directionally bearish
