Ardelyx initiated with an Outperform at Scotiabank

Scotiabank initiated coverage of Ardelyx (ARDX) with an Outperform rating and $15 price target The firm sees “an attractive entry point” as it believes concerns that sales for Xphozah for hyperphosphatemia cannot be significant without Medicare Part D coverage are “overdone.” It also thinks the stock is undervalued on Ibsrela for irritable bowel syndrome alone, adds the analyst, who believes the firm’s positive thesis could play out if sales for Xphozah pick up in the back half of the year.