Ladenburg initiated coverage on Ardelyx with a Buy rating and a $16 price target on June 16. The company is focused on expanding demand for Ibsrela, sustaining sales momentum for Xphozah, growing its pipeline, and meeting financial projections. In its first quarter fiscal 2026 results, total product revenue rose 38% year-over-year, driven by a 58% surge in IBSRELA revenue and strong XPHOZAH performance. Management outlined plans to deliver at least $1 billion in annual revenue from IBSRELA in 2029, supported by financial flexibility for additional investments.
Ardelyx IncLadenburg initiated coverage with Buy rating and $16 target, citing strong product revenue growth and pipeline.