What's Going On With Ardelyx Stock?

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 Details:

Ardelyx released a business update Monday stating that the company expects its FDA-approved IBS treatment, Ibsrela, to achieve greater than ten percent market share at peak and generate more than $1.0 billion in annual U.S. net product sales revenue before the patent term expiration.

The company also stated that it expects full-year 2024 U.S. net product sales revenue for Ibsrela to be between $140 million and $150 million.

"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," said Mike Raab, CEO of Ardelyx.

Ardelyx will host a webcast after the market close on Monday at 7:00 p.m. ET which will include 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