Analyst Joseph Thome from TD Cowen maintained a Buy rating on Ardelyx and keeping the price target at $9.00.
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Joseph Thome has given his Buy rating due to a combination of factors including Ardelyx’s strong quarterly performance and promising sales outlook. The company reported Q2 product sales that surpassed market expectations, with Ibsrela sales reaching $65 million, significantly higher than anticipated. This robust performance led to an increase in the full-year sales guidance for Ibsrela, reflecting strong patient demand and effective execution by the management.
Additionally, Xphozah sales also exceeded expectations, driven by an increase in paid prescriptions, despite challenges such as the loss of Part D coverage. The management’s commercial strategies appear to be effective, as evidenced by the growth in prescriptions and patient referrals. These positive developments, coupled with the company’s reiterated peak sales potential, underpin Thome’s optimistic outlook and Buy rating for Ardelyx’s stock.
In another report released on July 28, BTIG also maintained a Buy rating on the stock with a $14.00 price target.