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Fly News Breaks for February 18, 2020
ARDX
Feb 18, 2020 | 08:26 EDT
Jefferies analyst Chris Howerton assumed coverage of Ardelyx with a Buy rating and $11 price target. The company's lead drug, tenapanor, is set-up for an approval in hyperphosphatemia in 2021 and "poised to transform the management of serum phosphorous in CKD patients," Howerton tells investors. He sees a 90% likelihood of approval in ESRD patients next year and notes that additional upside could come from label expansion to pre-dialysis patients.
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