Raymond James analyst Christopher Raymond upgraded Ardelyx (ARDX) to Strong Buy from Outperform with a price target of $14, up from $12, after assuming coverage the name. The firm views Ardelyx as a strong commercial execution story that is trading at historically discounted valuation. The stock could break out of its range-bound trading pattern under the new management team as Xphozah growth picks up, the analyst tells investors in a research note.
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