After Ardelyx announced that the FDA has approved Ibsrela for the treatment of irritable bowel syndrome with constipation, or IBS-C, Piper Jaffray analyst Christopher Raymond said he does not model any value from this indication, but he sees the approval "materially de-risking" approval for hyperphosphatemia, which he views as the "real value driver" for Ardelyx. The analyst, who still sees a significant disconnect between tenapanor's potential in the renal space and the market's current view, despite the stock's 114% quarter-to-date advance, keeps an Overweight rating on Ardelyx shares with a $15 price target.