Ardelyx jumps as Piper Sandler highlights strong Ibsrela uptake

Shares of biotech drug developer Ardelyx ARDX.O rise nearly 2% to $7.15 in premarket trading

Piper Sandler upgrades stock rating to "overweight" from "neutral"; raises PT to $16 from $10, representing ~128.57% upside to stock's last close

Cites stronger‑than‑expected momentum for Ibsrela, co's oral treatment for irritable bowel syndrome with constipation, following the company's latest update

The brokerage said near‑term visibility has improved while management’s revised long‑term outlook pulls forward the product’s path to meaningful scale, which it views as achievable

Eleven analysts rate the stock "strong buy" on average; median PT is $11 - data compiled by LSEG

As of last close, ARDX is up ~31% in the past 12 months