Ardelyx Down 17%, FDA Probably Won’t Approve tenapanor
<p><a href='https://financialmodelingprep.com/financial-summary/ARDX'>Ardelyx, Inc. (NASDAQ:ARDX) </a>shares were trading around 17% lower on Wednesday as the company is still struggling to find common ground with FDA concerning tenapanor.</p>
<p>The company completed its Type A meeting with the FDA on Oct 1, the key takeaway from which is that the company doesn’t have a better understanding of FDA's concerns on how to define tenapanor's clinical significance and what constitutes a relevant treatment effect.</p>
<p>Analysts at Wedbush provided their view on the situation, mentioning that they believe FDA is unwilling to approve tenapanor and doesn't seem interested in even supplying a framework to do so. As a result, the analysts update their model to remove tenapanor credit entirely and lower their price target on the company’s shares to $1 from $2.</p>

NASDAQ:ARDX