Ardelyx: Strengthening Commercial Trajectory, Expanded IP Protection to 2041, and Pipeline Upside Support Raised $17 Buy Target

Analyst Julian Harrison of BTIG maintained a Buy rating on Ardelyx, boosting the price target to $17.00.

Julian Harrison has given his Buy rating due to a combination of factors that underscore Ardelyx’s strengthening commercial and financial outlook. He highlights that Ibsrela’s 2025 performance not only met prior guidance but is expected to accelerate meaningfully in 2026, supported by a large IBS-C market with substantial unmet need and management’s target of exceeding $1 billion in peak sales by 2029. Harrison also points to the ongoing Phase 3 trial in chronic idiopathic constipation as an important catalyst that can broaden Ibsrela’s label and further expand its addressable market.
In addition, he underscores the growing revenue contribution from Xphozah, with management guiding to continued sales increases and investing in programs such as ArdelyxAssist, an enlarged salesforce, and expanded field access teams to drive higher prescription volumes and better pull-through. A key driver of his more constructive view is the recent notice of allowance for a patent that is expected to extend intellectual property protection for both Ibsrela and Xphozah out to 2041, lengthening the commercial runway far beyond prior assumptions. Combined with a solid cash position to fund pipeline development, including the next-generation NHE3 inhibitor RDX10531, these elements led Harrison to raise his price target to $17 and reiterate a Buy recommendation on Ardelyx.

In another report released yesterday, Raymond James also maintained a Buy rating on the stock with a $19.00 price target.

Based on the recent corporate insider activity of 51 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ARDX in relation to earlier this year.