Jefferies raised the firm’s price target on Ardelyx (ARDX) to $15 from $8 and keeps a Buy rating on the shares. The firm, which views Ardelyx as “among the most underrated and under-the-radar biotech launches,” sees continued Ibsrela execution in 2026, but also a significantly bigger tail driven by IBS-C, new CIC, and potentially longer run on its intellectual property. The firm estimates $1.5B-$2B in peak sales in 2035, up from a prior call of $1B in 2032, but sees further upside if the new 2041 formulation patent is defendable, the analyst tells investors.
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