Ardelyx, Inc. (NASDAQ:ARDX) shares are trading higher Tuesday after Raymond James raised its price target on the stock, and the company provided a strategic update and 2024 outlook on Monday.
The Details:
Raymond James analyst Steven Seedhouse maintained Ardelyx with a Strong Buy and raised the price target from $12 to $15 on Tuesday. The analyst’s report highlighted the company’s forecast released on Monday which expects peak sales of its FDA-approved IBS treatment Ibsrela to exceed $1 billion before patent term expiration in 2033.
Ardelyx also said that it expects Ibsrela to generate U.S. net product sales revenue of between $140 million and $150 million in 2024. The company sees the drug achieving greater than ten percent market share at its peak.
Ardelyx shares are trending on social media and moving on heavy volume Tuesday. According to data from Benzinga Pro, more than 14.1 million shares have been traded in the session, compared to the stock’s 100-day average of 6.92 million shares.
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ARDX Price Action: According to data from Benzinga Pro, Ardelyx shares are up 9.44% at $8.95 at the time of publication.
