HomeTop MoversHere is why Ardelyx Inc. (ARDX) stock skyrocketed on Tuesday?

Here is why Ardelyx Inc. (ARDX) stock skyrocketed on Tuesday?

Ardelyx Inc. (ARDX) shares surged 7.02% in after-hours on Tuesday, November 30, 2021, and closed the daily trading at $1.22. Even in the regular trading session of Tuesday, ARDX’s stock gained 32.24%. ARDX shares have fallen 81.90% over the last 12 months, and they have moved up 22.38% in the past week. Over the past three months, the stock has lost 19.15%, while over the past six months, it has declined 83.48%.

Let’s see what’s going on recently with the company?


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ARDX update about IBSRELA

On November 30, 2021, Ardelyx, Inc. (ARDX), announced plans to launch IBSRELA, the company’s approved treatment for irritable bowel syndrome with constipation (IBS-C) in adults, in the second quarter of 2022.

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The chief medical officer of Ardelyx, Laura A. Williams, M.D., M.P.H., said that IBSRELA, with its first-in-class mechanism and strong clinical data package, is an important new addition to the IBS-C treatment armamentarium.

ARDX latest financial results

On November 12, 2021, Ardelyx, Inc. (ARDX), announced financial results for the third quarter ended September 30, 2021.

Q3 2021 financial highlights

  • ARDX reported total revenue of $1.2 million in Q3 2021 compared to $2.7 million in Q3 2020.
  • In Q3 2021, research and development expenses were $23.7 million compared to $12.2 million in Q3 2020.
  • General and administrative expenses were $19.7 million in Q3 2021 compared to $7.6 million in Q3 2020.
  • It suffered a net loss of $43.6 million in Q3 2021, compared to $18.1 million for the quarter ended September 30, 2020.
  • Ardelyx ended the quarter with total cash, cash equivalents and short-term investments of $141.7 million compared to total cash, cash equivalents and investments of $188.6 million as of December 31, 2020.

ARDX participation in the recent conference

Ardelyx, Inc. (ARDX) recently participated in a fireside chat at the Jefferies London Healthcare Conference, which was held on November 16-19, 2021. The company was presented by Mike Raab, president and chief executive officer, during the event.

ARDX presented additional data of tenapanor

On November 5, 2021, Ardelyx, Inc. (ARDX), did multiple presentations covering additional positive clinical observations with tenapanor at the American Society of Nephrology Kidney Week 2021 (ASN Kidney Week), which was held virtually on November 4 – November 7, 2021.

Three successful Phase 3 pivotal trials, and an additional clinical trial (OPTIMIZE) for tenapanor, has been completed by the company. Tenapanor is an investigational, first-in-class phosphate absorption inhibitor for the control of serum phosphorus in adult patients with chronic kidney disease (CKD) on dialysis.

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Conclusion

The recent news about the IBSRELA launch was the reason behind its top-notch performance on Tuesday. We can expect it to continue its momentum on Wednesday as well.

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