Ardelyx, Inc. ARDX shares are trading higher Monday after the company provided a strategic business update. Here’s a look at what’s going on.
The Strategic Update:
Ardelyx, Inc. released a business update on Monday, predicting that its FDA-approved IBS treatment, Ibsrela, is poised to transcend the market with over ten percent share at its zenith, projecting to yield over $1.0 billion in annual U.S. net product sales revenue before the patent term expiration.
Moreover, the company forecasts 2024 U.S. net product sales revenue for Ibsrela to reach between $140 million and $150 million for the full year.
Speaking on the company’s plans for the year, CEO Mike Raab affirmed, “2024 will be a year when we further our efforts to shape the future of Ardelyx. We will continue to prioritize growing sales of our marketed therapies, while we also seek to advance our business through investments in internal research and development programs, international expansion, and external partnerships. We demonstrated in 2023 that we can deliver strong results, and expect to do the same in 2024.”
Ardelyx will also be hosting a webcast after the market close on Monday at 7:00 p.m. ET, encompassing a management update on Ibsrela and a Key Opinion Leader discussion regarding the IBS-C treatment landscape.
According to data from Benzinga Pro, 14.43% of Ardelyx shares are being sold short which may be contributing to the stock’s large price movement.
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ARDX Price Action: According to Benzinga Pro, Ardelyx shares are up 20% at $7.43 at the time of publication.
Image: Lakshmiraman Oza from Pixabay
