Shares of the biopharmaceutical company Ardelyx (NASDAQ:ARDX) are in focus today after its collaboration partner, Kyowa Kirin Co., announced the approval of tenapanor in Japan. The drug is for the treatment of hyperphosphatemia in patients with chronic kidney disease (CKD) on dialysis and will be marketed in Japan under the brand name Phozevel.
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With this approval, Ardelyx will receive $30 million in milestone and license payments from Kyowa and $5 million from Healthcare Royalty Partners under a financing agreement.
Importantly, the drug is also slated for a U.S. Food and Drug Administration (FDA) review on October 17, and Ardelyx is anticipating a quick approval in the U.S. as well.
Pending approval, the company plans to launch tenapanor in the U.S. in the fourth quarter of this year under the brand name Xphozah. Tenapanor is aimed at controlling serum phosphorus levels in CKD patients. The drug has undergone three Phase 3 and two Phase 4 open-label trials successfully.
Is ARDX a Good Stock to Buy?
Overall, the Street has a consensus price target of $9.88 on Ardelyx, alongside a Strong Buy consensus rating. This implies a massive 155.6% potential upside in the stock on top of a 232% price surge over the past year.
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