Ardelyx price target lowered to $10 from $12 at Citi

Citi analyst Yigal Nochomovitz lowered the firm’s price target on Ardelyx (ARDX) to $10 from $12 and keeps a Buy rating on the shares. Despite the uncertainty around Xphozah’s longer-term commercial path, Ardelyx “delivered another exceptional quarter” with Xphozah’ sales of $51.5M, above the consensus of $46M, demonstrating robust demand even in the early innings of the launch, the analyst tells investors in a research note. Citi believes Xphozah “remains a compelling growth story.”