Analyst Joseph Thome of TD Cowen maintained a Buy rating on Ardelyx, retaining the price target of $13.00.
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Joseph Thome has given his Buy rating due to a combination of factors including solid execution and attractive valuation. Ardelyx delivered fiscal 2025 product revenue in line with prior indications, highlighted by strong Ibsrela performance and management’s 2026 Ibsrela sales outlook of $410–430 million, which he views as realistic based on prescription growth trends.
He also sees meaningful upside from the advancing chronic idiopathic constipation Phase III program, which he regards as relatively de-risked given overlapping symptoms with IBS-C and prior T3MPO data. In addition, robust long‑dated patent protection for Ibsrela and Xphozah, coupled with Xphozah’s steady growth trajectory and his $13 per share NPV‑based price target, leads him to conclude that ARDX remains undervalued and merits a Buy rating.