Ardelyx, Inc. (ARDX), a biopharmaceutical company, is on a consistent surge in the stock market. In the aftermarket trading session, ARDX stock is trading at $1.22 at the time of the writing after soaring 7.02%. On Tuesday, ARDX stock rallied 32.24% during the mid-day session and closed the day at $1.14. This continuous rise is attributed to the launch of IBSRELA.
Why ARDX Surging?
On Tuesday, ARDX announced that it intends to launch the IBSRELA, the treatment for irritable bowel syndrome with constipation, during Q2 2022. The company believed that the time is ripe for the introduction of revolutionary treatment options like IBSRELA in the market. It hopes that IBSRELA has the potential to generate $500 million in peak annual net revenue. The company would use the next few months to build the commercial inventory and prepare the market for the second quarter of 2022.
Q3 2021 Operational Results
On 12th November, ARDX released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The company generated $1.17 million in terms of revenue during the quarter against $2.71 million for the same period of 2020. The total operating expenses for the period were $43.4 million against $19.87 million for the same period of 2020. The net loss suffered by the company during the period was $43.58 million (or $0.42 per basic and diluted share) against $18.1million (or $0.20 per basic and diluted share) for the same period of 2020.
Business Highlights
ARDX also reported the recent business highlights alongside the operational results. The company presented four posters in the American Society of Nephrology Kidney Week 2021. The event took place from 4th to 7th November. It announced that it expects to submit FDRR by the end of Q4 2021 in early November. In October, the company announced the results of an End of Review Type A meeting with the FDA’s Division of Cardiology and Nephrology. September saw the company announce the publication of its long term 52-week Phase 3 PHREEDOM trial in the American Society of Nephrology Journal.
Future Outlook for ARDX
The last three months have seen ARDX stock slide by approximately 20%. The prime reason for that could be the uncertainty associated with the stock with regards to the pharmaceutical products it is developing. However, such stocks have the advantage that their fortunes could change drastically even with a minor positive development regarding their products. Hence, investors should keep a close eye on ARDX stock.
