Ardelyx price target raised to $13.50 from $12.50 at Ladenburg

Ladenburg analyst Matthew Kaplan raised the firm’s price target on Ardelyx (ARDX) to $13.50 from $12.50 and keeps a Buy rating on the shares. The company reported a “robust” Q3, the analyst tells investors in a research note. The firm says Phozah, for the treatment of hyperphosphatemia in chronic kidney disease as monotherapy in patients intolerant to phosphate binders and as add-on therapy for patients with inadequate response to phosphate binders, has received a strong response from the nephrology community.