Piper Sandler raised the firm’s price target on Ardelyx (ARDX) to $9 from $8 and keeps a Neutral rating on the shares. The firm is incrementally positive on the name following Q2 2025 reporting. That said, with management still not committing to Xphozah guidance this year but continuing to guide to $750M in peak U.S. sales before patent expiry, the firm continues to look for a better sense of uptake and the near- and immediate-term outlook for this drug before getting more constructive on the name.
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