Ardelyx, Inc (ARDX) PT Raised to $18 at H.C. Wainwright

H.C. Wainwright analyst Matthew Caufield raised the price target on Ardelyx, Inc (NASDAQ: ARDX) to $18.00 (from $10.00) while maintaining a Buy rating.

The analyst commented: "Building on sustained commercial execution from for both IBSRELA (tenapanor) and XPHOZAH (tenapanor), which we further discuss below, we are specifically encouraged by: (1) the company having announced the successful new patent (Patent ‘299) with expiration in November 2042, covering oral formulations of tenapanor and relating to the commercial formulations for both IBSRELA and XPHOZAH, enhancing the overall IP strategy for the NHE3 inhibitor platform; and (2) the company has commenced dosing for the Phase 3 ACCEL trial of IBSRELA in chronic idiopathic constipation (CIC) patients, assessing primary endpoint patient-reported outcomes in constipation. Not only does this opportunity affect upwards of tens of millions of patients with CIC in the US market, we believe the differentiated sodium/ hydrogen exchanger 3 (NHE3) inhibitor mechanism brings direct read-through for targeting the difficult, infrequent or incomplete bowel movements characteristic of CIC patients. We adjust our model in accordance with guidance, and incorporate the CIC opportunity. We reiterate our Buy rating, and raise our price target from $10 to $18 per share."

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