H.C. Wainwright Assumes Ardelyx, Inc (ARDX) at Buy

H.C. Wainwright analyst Matthew Caufield assumes coverage on Ardelyx, Inc (NASDAQ: ARDX) with a Buy rating and a price target of $10.00.

The analyst comments "Main reasons we like ARDX’s bowel and kidney disease platform. (1) Demonstrated approval and commercial execution with: (i) IBSRELA (tenapanor) for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults; and (ii) XPHOZAH (tenapanor) for treating hyperphosphatemia by reducing serum phosphorus in adults with chronic kidney disease (CKD) on dialysis as add-on therapy for inadequate responders or those intolerant of phosphate binders. (2) Focusing on growth strategy with reported YoY double-digit growth across both oral tablet products, IBSRELA and XPHOZAH. We highlight $44.4M in net products sales for IBSRELA in 1Q25, reflecting YoY growth of approximately 57%. The company expects full-year 2025 IBSRELA net products sales for the US between $240 to $250M, for which we estimate $248M. Moreover, XPHOZAH had $23.4M in net product sales in 1Q25, reflecting reported 30% YoY growth. We believe growth over the coming quarters can drive both new prescription writers and refills. (3) Pipeline expansion upside based on proven IBS-C and kidney success. The company is recruiting the Phase 3 R-ALLY trial (NCT05643534) of tenapanor for IBS-C in pediatric patients ages 12 to <18-years old, and recruiting the dose-ranging Phase 2 Mobilize Study (NCT06553547) assessing tenapanor for IBS-C in pediatric patients ages 6 to <12-years old. (4) We believe tenapanor progress is facilitated by mechanistic differentiation, with IBSRELA as the only non-secretagogue for improving IBS-C symptoms, and XPHOZAH reducing serum phosphorus and blocking absorption while not being a phosphate binder. With nearterm commercial progress in mind, we are assuming coverage with a Buy rating and $10 price target."

For an analyst ratings summary and ratings history on Ardelyx, Inc click here. For more ratings news on Ardelyx, Inc click here.

Shares of Ardelyx, Inc closed at $3.55 yesterday.

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