Ardelyx Up 50% After Positive Phase 3 Study Of Tenapanor

Ardelyx Inc ARDX shares are trading higher by $2.63, or 48 percent, at $8.03 in Thursday's session.

After Wednesday's close, the company announced a pivotal phase 3 study of Tenapanor met its primary and secondary endpoints, supporting its NDA submission in 2018.

After a higher open, Ardelyx had a 70-cent retreat to $7.30 before continuing its move higher. The ensuing rally took the stock to $8.65. That high is just shy of its May 12 high ($8.80), which was the high for the session when it fell from its previous day's close of $12.45 to $7.45.

Interestingly, the company reported some positive results for Tenapanor at that time, but the results didn't meet the Streets expectations.