Raymond James downgraded Ardelyx (ARDX) to Outperform from Strong Buy with a price target of $11, down from $13, following the Q1 report. The firm sees added uncertainty regarding the long-term growth of the Ibsrela and Xphozah franchises associated with recent net sales weakness. Ibsrela and Xphozah net sales both missed consensus estimates this quarter, and Xphozah is still trying to regain its footing after losing Medicare coverage the analyst tells investors in a research note. Despite the downgrade, Raymond James remains bullish on Ardelyx citing its strong execution track record.
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