Ardelyx price target raised to $11 from $9 at H.C. Wainwright

H.C. Wainwright raised the firm’s price target on Ardelyx to $11 from $9 and keeps a Buy rating on the shares after the company said it plans to have Xphozah available for the U.S. market in “early November” for the reduction of serum phosphorus in adults with chronic kidney disease on dialysis, as an add-on therapy in patients who have an inadequate response to phosphate binders or who are intolerant of any dose of phosphate binder therapy. The firm, who expects Ardelyx’s commercial experience in the nephrology community to be a major factor in Xphozah’s early commercial traction, “conservatively” estimates $1.3M in Q4 net sales for about 1.5 months of sales.