Cantor Fitzgerald Sticks to Its Buy Rating for Ardelyx

By Austin Angelo

Cantor Fitzgerald analyst Mara Goldstein reiterated a Buy rating on Ardelyx (NASDAQ: ARDX) today and set a price target of $12. The company’s shares closed yesterday at $4.60, close to its 52-week low of $4.45.

Goldstein commented:

“T3MPO-1 is a Relevant Trial. The results of the trial, disclosed May 12, yielded a statistically significant outcome in the primary endpoint and in seven of eight secondary endpoints. However, the results showed a less-than-expected benefit, in our view, with 27% of tenapanor-treated patients achieving the primary endpoint versus 18.7% for placebo (p=0.02), although the responder rate was less than was observed in the Phase IIb study.”

According to TipRanks.com, Goldstein is ranked 0 out of 5 stars with an average return of -4.4% and a 37.4% success rate. Goldstein covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Corvus Pharmaceuticals Inc, and Karyopharm Therapeutics.

Ardelyx has an analyst consensus of Strong Buy, with a price target consensus of $12.

The company has a one year high of $16.30 and a one year low of $4.45. Currently, Ardelyx has an average volume of 333.7K.

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Ardelyx, Inc. operates as a clinical-stage biopharmaceutical company that engages in the discovery, development, and commercialization of minimally-systemic, small molecule therapeutics that work exclusively in the gastrointestinal, tract to treat gastrointestinal and cardio-renal diseases. The company’s products include Tenapanor, RDX002, RDX009 and RDX013. Ardelyx was founded by Dominique Charmot, Peter G. Schultz and Jean M. Frechet on October 17, 2007 and is headquartered in Fremont, CA.