Raymond James initiated coverage of Ardelyx with a Strong Buy rating and $12 price target. Ardelyx has two early-stage launches underway for the same molecule with differentiated pricing, and the company’s strategy of matching up novel mechanisms with relatively large markets that are dominated by a single drug class is playing out as planned in IBS-C and is likely to translate to a strong launch in hyperphosphatemia over the next several years, the analyst tells investors in a research note.
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