Ardelyx initiated with an Overweight at Piper Jaffray

Piper Jaffray analyst Christopher Raymond started Ardelyx with an Overweight rating and $15 price target. The analyst sees a “sizeable disconnect” between Wall Street’s view of tenapanor’s potential versus that of the nephrology community. While the drug is not fully de-risked, there is enough data to get a “strong sense” of tenapanor’s ultimate clinical profile, which confers $1B-plus revenue potential, Raymond tells investors in a research note. Nephrologists appear “fully aware of this drug’s potential with swift and dramatic uptake projected if approved,” adds the analyst. He thinks tenapanor’s launch is “poised to be one of biotech’s great product launches of 2021.”

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