Piper Sandler Downgrades Ardelyx, Inc (ARDX) to Neutral, 'Xphozah Outlook Too Uncertain For Us'

Piper Sandler analyst Christopher Raymond downgraded Ardelyx, Inc (NASDAQ: ARDX) from Overweight to Neutral with a price target of $7.00 (from $15.00).

The analyst comments "Downgrade to Neutral. We are stepping to the sidelines on ARDX shares after the surprise revelation that management has decided not to apply for the TDAPA payment adjustment for Xphozah beginning next year. While the decision itself is reason enough for concern, the rationale behind it – essentially that CMS is now signaling its intent to severely restrict access to Xphozah and that ARDX is gearing up for a major fight in this regard, and that only legislative action can change this dynamic – makes the Xphozah outlook uncertain enough such that we can no longer recommend the stock. Price target to $7 on lowered Xphozah revenue estimates, higher risk profile."

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 $7.57 yesterday.

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