Citi analyst Yigal Nochomovitz raised the firm’s price target on Ardelyx to $7 from $6 and keeps a Buy rating on the shares after the FDA granted the appeal to the Complete Response Letter for Xphozah. The analyst does not believe the market is "appropriately absorbing the magnitude of this unprecedented regulatory reversal." The hat the Complete Response Letter has been formally overturned and the probability of approval in 2023 is "nearly 100%," Nochomovitz tells investors in a research note. As such, the analyst raised Xphozah’s probability of success for Xphozah to 97.5%.
Published first on TheFly
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