10 Best Strong Buy Penny Stocks to Buy Now

8. Ardelyx Inc. (NASDAQ:ARDX)

Stock Price: $4.24

Analyst Upside: 135.85%

Number of Hedge Fund Holders: 28

Ardelyx Inc. (NASDAQ:ARDX) is one of the best strong buy penny stocks to buy now. On July 28, Piper Sandler analyst Allison Bratzel maintained a Hold rating on Ardelyx Inc. (NASDAQ:ARDX) and set a price target of $8.00.

However, BTIG analyst Julian Harrison maintained a Buy rating on Ardelyx Inc. (NASDAQ:ARDX) on July 29, retaining the price target of $14.00.

The analyst based the rating on Ardelyx Inc.’s (NASDAQ:ARDX) market positioning and growth potential, citing the expected growth in Ibsrela’s revenue as a significant factor. Revenue for the product is expected to grow 21% from the previous quarter, and strong growth is expected for the rest of the year.

Harrison further reasoned that the fact that up to 50% of IBS-C patients do not respond adequately to existing treatments leaves a gap that can be filled by Ibsrela, further bolstering its market opportunity.

Ardelyx Inc. (NASDAQ:ARDX) develops and commercializes biopharmaceutical products. It is also involved in the development of an innovative platform that discovers new biological mechanisms and pathways to develop efficacious therapies, reducing the drug-drug interactions and side effects of traditional medicines.