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Fly News Breaks for December 3, 2019
ARDX
Dec 3, 2019 | 13:44 EDT
Jefferies analyst Biren Amin raised his price target on Ardelyx to $11 from $6 after the company presented what he called "positive" topline data from the pivotal PHREEDOM study. Tenapanor treated patients saw mean decreases in serum phosphorus and an adverse event profile consistent with the initial phase 3 study, noted Amin, who models U.S. market entry for tenapanor in 2021 and estimates peak risk-adjusted U.S. sales of $325.8M by 2030. He keeps a Buy rating on Ardelyx shares.
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