BTIG initiates Ardelyx with a Buy, sees attractive entry point after pullback

As previously reported, BTIG analyst Julian Harrison initiated coverage of Ardelyx (ARDX) with a Buy rating and $14 price target The recent pullback in shares post-earnings presents “an attractive entry point” as Ibsrela and Xphozah continue to build momentum in large market opportunities, where the firm sees $1.75B peak sales potential, combined, the analyst tells investors. $1B peak Ibsrela net sales guidance “looks achievable and possibly even conservative,” says the analyst, who sees valuation supporting significant near-term upside potential as recent “go it alone” commercial launches are commanding a higher average valuation.