Ardelyx Chief Commercial Officer exit not positive, says Piper Sandler

Piper Sandler analyst Christopher Raymond keeps an Overweight rating on Ardelyx with a $15 price target but acknowledges the departure of its Chief Commercial Officer Susan Rodriguez is not a positive. Management offered little color on the exit this morning on a call, says the analyst, who views the timing as “more than just a little bit odd.” Piper thinks the move could be related to some kind of strategic disagreement, adding it is “in the dark as much as anyone.” Ardelyx would do well to provide more color on the departure, the firm contends.