Citi raised the firm’s price target on Ardelyx to $14 from $9 and keeps a Buy rating on the shares. With 1.5 years of launch experience under its belt, Ardelyx now believes Ibsrela can achieve 10%-plus market share and generate $1B in annual sales at peak compared to mid-to high-single-digit share and $500M in peak sales previously, the analyst tells investors in a research note. The firm updated its model to align with the company’s fiscal 2024 and updated peak sales guidance for Ibsrela.
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