ARDX - Ardelyx upgraded at Jefferies on upcoming gastrointestinal therapy

Micro-cap biotech Ardelyx (NASDAQ:ARDX) is trading ~11% higher in the pre-market on Wednesday after Jefferies analyst Christopher Howerton upgraded the stock to Buy from Hold citing its valuation. Ardelyx (ARDX) has lost more than 89% over the past 12 months, and Howerton cites its gastrointestinal therapy Ibsrela to highlight the company among “a sea” of small-to-mid-cap biotech firms trading near the cash level. The analyst has raised the price target of the stock to $5 from $1 per share. California-based Ardelyx (ARDX) expects the U.S. rollout Ibsrela in April 2022 targeting patients with irritable bowel syndrome with constipation (“IBS-C”). The analyst thinks that Ibsrela alone can make Ardelyx (ARDX) profitable and expects the company to make an appeal for the therapy by April after the FDA issued an Appeal Denied Letter ("ADL") in February following a Formal Dispute Resolution Request submitted in December.

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Ardelyx upgraded at Jefferies on upcoming gastrointestinal therapy