Jefferies analyst Dennis Ding lowered the firm’s price target on Ardelyx (ARDX) to $8 from $11 and keeps a Buy rating on the shares. The firm is adjusting its Xphozah revenue estimates to reflect no more Medicare Part D, as neither HR-5074 nor the CMS lawsuit worked in the company’s favor. It now models $94M and $115M for Xphozah revenue in 2025 and 2026, respectively, but notes it did not change the firm’s Ibsrela estimates.
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