Cantor Fitzgerald analyst Louise Chen upgraded Ardelyx to Overweight from Neutral with a price target of $10, up from $5. The analyst increased sales estimates for the company’s flagship drug, Xphozah, and thinks the Street is underappreciating its peak sales potential. Cantor increased its assumed probability of success for the U.S. approval and launch of Xphozah to treat hyperphosphatemia from 10% to 80% in its financial model. In addition, there may be a path towards resolution/ and adoption of the PATIENT act as early as end of year, delaying the inclusion of phosphate-lowering drugs into the Medicare dialysis bundle from 2025 to 2033, the analyst tells investors in a research note.
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