Why Ardelyx Shares Tanked Today

Ardelyx ARDX shares are trading lower after the company received an FDA letter regarding its NDA for tenapanor indicating deficiencies that preclude discussion of labeling and post-marketing requirements/comments at this time. 

Ardelyx Inc. is a biopharmaceutical company that develops and sells medicines for the treatment of kidney and cardiorenal diseases in the United States and internationally. The company’s lead product candidate is tenapanor, which has completed Phase 3 clinical trial for the treatment of patients with irritable bowel syndrome, as well as in Phase 3 clinical trial for the treatment of hyperphosphatemia in end-stage renal disease patients on dialysis.

At the time of publication, shares of Ardelyx were trading lower at $2.0150 per share. The stock has a 52-week low of $1.81 and a 52-week high of $9.23.