Ardelyx Inc (NASDAQ:ARDX) investors are having a rough day after the drug maker reported topline results from its T3MPO-1 trial, the first of two Phase 3 trials evaluating tenapanor for the treatment of patients with irritable bowel syndrome with constipation (IBS-C).
While the trial achieved statistical significance for the primary endpoint and seven of eight secondary endpoints, the results failed to beat out Synergy’s (NASDAQ:SGYP) drug plecanatide, which won FDA approval earlier this year.
As of this writing, shares of Ardelyx are falling over 30% to $8.30, while shares of Synergy are climbing nearly 5% to $4.07.
CEO Mike Raab commented, “We’re pleased to have achieved the primary endpoint in the T3MPO-1 trial. IBS-C is an extremely difficult, life-altering condition, and despite advancements, there remains a strong need for new, innovative treatments. In this trial, tenapanor demonstrated clinical activity across a large number of study parameters and had a favorable safety profile consistent with previous clinical experience. With a differentiated mechanism of action, we believe tenapanor has the potential to augment the care of patients with IBS-C.”
On the ratings front, Wedbush analyst David Nierengarten reiterated a Buy rating on ARDX, with a price target of $24, in a report issued on February 23. The current price target implies an upside of 200% from current levels. According to TipRanks.com, Nierengarten has a yearly average return of 28%, a 51% success rate, and is ranked #119 out of 4560 analysts.
Ardelyx, Inc. operates as a clinical-stage biopharmaceutical company that engages in the discovery, development, and commercialization of minimally-systemic, small molecule therapeutics that work exclusively in the gastrointestinal, tract to treat gastrointestinal and cardio-renal diseases. The company’s products include Tenapanor, RDX002, RDX009 and RDX013. Ardelyx was founded by Dominique Charmot, Peter G. Schultz and Jean M. Frechet on October 17, 2007 and is headquartered in Fremont, CA.