Ardelyx price target lowered to $13 from $15 at Raymond James

Raymond James lowered the firm’s price target on Ardelyx (ARDX) to $13 from $15 and keeps a Strong Buy rating on the shares. Management reaffirmed Q4 net sales figures that were pre-announced, including $158.3M in Ibsrela and $160.9M in Xphozah 2024 net product sales, and management reiterated their commitment to driving strong commercial execution with the newly expanded field team, the analyst tells investors in a research note. Continued enthusiasm that Xphozah weekly scripts are still in a range suggesting a continued growth trajectory was offset by guidance outlining meaningful 2025 SG&A spend increases that weighed on shares on Thursday, the firm says.