Piper Jaffray analyst Christopher Raymond said he came away from the analyst day held by Ardelyx "increasingly comfortable" that management can fully exploit tenapanor's differentiation "as the first true advance in the phosphate lowering category in the renal setting in a couple of decades" and he is also "increasingly confident" in his $15 price target for the shares. Tenapanor's unique mechanism of action is "appreciated by nephrologists but still lost on the Street," contends the analyst, who sees the stock as "grossly underappreciated" and maintains an Overweight rating.