Ardelyx price target raised to $10 from $9 at Piper Sandler

Piper Sandler raised the firm’s price target on Ardelyx (ARDX) to $10 from $9 and keeps a Neutral rating on the shares. Total revenue nicely beat consensus by over $11M, and notably, Ibsrela exceeded company-provided consensus by $7M, which the firm thinks highlights the continued strength of Ardelyx’s sales force and patient access pathways. Overall, Piper looks to more formal evidence of Xphozah’s near- and immediate-term outlook, which would leave the firm more constructive on shares.