Ardelyx rises on upbeat bowel disease drug sales, regulatory update for renal drug

Ardelyx

03/03/2023 10:43

** Shares of drugmaker Ardelyx Inc  ARDX.O  rise 12.5% to
$3.25 premarket
    ** Co posts Q4 sales of bowel disease drug Ibsrela at $8.7
mln vs Refinitiv estimate of $7.52 mln; drug was launched in
March 2022
    ** ARDX posts a profit $0.06/shr, breaking the trend of 11
consecutive quarterly losses; analysts expected $0/shr in the
quarter
    ** Co plans to resubmit marketing application for kidney
disease drug Xphozah in early Q2
    ** Co preparing to launch Xphozah in H2
    ** We continue to see a clear path to approval and launch
for Xphozah - Piper Sandler
    ** Brokerage raises PT to $10 from $8; remains "overweight"
    ** Stock has more than tripled in last 12 months

 (Reporting by Aditya Samal)
 ((Aditya.Samal@thomsonreuters.com;))