Ardelyx price target lowered to $10 from $14 at Citi

Citi lowered the firm’s price target on Ardelyx to $10 from $14 and keeps a Buy rating on the shares. The analyst acknowledges that Xphozah’s commercial uncertainty is “materially increased” after the company decided not to file for Transitional Drug Add-on Payment Adjustment. However, the firm, which substantially lowered its hyperphosphatemia sales estimates, says the stock is now trading below the base value for Ardelyx’s other approved drug Ibsrela. Citi understands the 30% share pullback post the news but says “there is a clear and justifiable opportunity to buy the stock now.”