Ardelyx price target raised to $10.50 from $8.50 at Ladenburg

Ladenburg raised the firm’s price target on Ardelyx to $10.50 from $8.50 and keeps a Buy rating on the shares after Xphozah was approved for chronic kidney disease hyperphosphatemia as monotherapy for patients intolerant to phosphate binders and as add-on therapy for patients with inadequate response to phosphate binders. The analyst expected the approval and says the label is in-line with expectations.