As previously reported, Morgan Stanley downgraded Relypsa to Underweight from Equal Weight and maintained its $9 price target. Analyst Andrew Berens used the Freedom of Information Act to obtain the FDA's Form 483 from the per-approval inspection for AstraZeneca's ZS-9 manufacturing plant on March 29 and now believes ZS Pharma/AstraZeneca will be able to resolve the outstanding deficiencies in the application faster than expected. The analyst believes ZS-9 can address FDA concerns in 4-6 months, and once it reaches the market, will capture over 80% of the hyperkalemia opportunity given a better product profile and much lower expense basis versus Relypsa's Veltassa. .