Ardelyx upgraded to Outperform from Neutral at Wedbush

Wedbush analyst Laura Chico upgraded Ardelyx to Outperform from Neutral with a price target of $6, up from $3. Ibsrela "continues to steadily march upward" following the Q4 report while Xphozah’s regulatory path is starting to become clear, the analyst tells investors in a research note. Downside risk to $1 per share could be realized if Ibsrela’s commercial efforts fail to generate further uptake and tenapanor is "derailed again," the firm says. However, it sees upside with better than expected commercial success.