Raymond James Sticks With Strong Buy on Ardelyx After Tenapanor Patent Issuance
Raymond James has reaffirmed a Strong Buy rating and a $19.00 price target on Ardelyx following a newly issued U.S. formulation patent for tenapanor. The patent (No. 12,539,299) may extend the drug's exclusivity window to 2042, and the firm says even a partial extension could add meaningful value to the company's discounted cash flow model. Ardelyx…