Ardelyx Inc.: Ardx Stock Forecast|Price drops 74%
What is the stock forecast for Ardx? Ardelyx Inc. is a specialized biopharmaceutical company focused on developing medicine to improve treatment for people with cardiorenal disease, including patients with chronic kidney disease (“CKD”) on dialysis suffering from elevated serum phosphorus, or hyperphosphatemia. In June 2020, Ardelyx submitted a New Drug Application (“NDA”) to the U.S. Food and Drug Administration (“FDA”) for its lead product candidate, tenapanor, a supposedly first-in-class medicine for the control of serum phosphorus in adult patients with CKD on dialysis. Ardelyx’s NDA was purportedly supported by successful Phase 3 studies, which, according to the complaint, showed “improvements” over current treatments and supported tenapanor’s “clinical safety and efficacy,” reinforcing its “potential” to be a “transformative” treatment. After the market closed on July 19, 2021, however, Ardelyx revealed that it had received a letter from the FDA stating that it had detected issues with both the size and clinical relevance of the drug’s treatment effect.
What is the Ardx Stock Forecast?
On this news, the Company’s share price declined, falling $9.71 per share, or nearly 74%, to close at $2.01 per share on July 20, 2021. According to the complaint, Ardelyx and the other named defendants made materially false and misleading statements regarding tenapanor and the likelihood that it would be approved by the FDA during the Class Period, which led investors to suffer significant losses.
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