Ardelyx downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright analyst Ed Arce downgraded Ardelyx (ARDX) to Neutral from Buy with a price target of $5.50, down from $11, after the company confirmed that Judge Beryl Howell of the U.S. District Court for Washington, D.C. granted defendants’ motion to dismiss the lawsuit filed by Ardelyx, the American Association of Kidney Patients and the National Minority Quality Forum. The firm now sees a “significant overhang on investor sentiment and the stock” until there is a definitive resolution to the uncertainty around Medicare patient access for Xphozah.