Ardelyx Reports Q4 and FY22 Financial Results, Provides Business Update, and Receives Upgrade

(24/7 MARKET NEWS) – Ardelyx, Inc. (Nasdaq: ARDX) reported, after yesterday’s market close, its fourth quarter and full year ended December 31, 2022 financial results and provided a business update. Highlights included that its April 2022 launch of IBSRELA resulted in $15.6 million in net product sales and that the Company ended the year with approximately $123.9 million in cash and investments.

Also yesterday, Wedbush upgrades Ardelyx to Outperform and raised its price target to $6.

Ardelyx is at $3.3315, up $0.4415 (+15.28%), on 2.5 million premarket shares.

Its 52-week trading range is $0.4902 to $3.43. If it can break through the 52-week high of $3.43, on strong trading volume, it should fill in the gap to the $6 price target.

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