14 Best Biotech Penny Stocks to Buy Right Now

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7. Ardelyx Inc. (NASDAQ:ARDX)

Stock Price: $4.34

Number of Hedge Fund Holders: 28

Ardelyx Inc. (NASDAQ:ARDX) is one of the best biotech penny stocks to buy right now. On July 29, BTIG analyst Julian Harrison maintained a Buy rating on Ardelyx Inc. (NASDAQ:ARDX), retaining the price target of $14.00 and supporting the rating with the company’s market positioning and growth potential.

The analyst told investors that a significant factor supporting the optimistic rating is the expected growth in Ibsrela’s revenue, with projections of a 21% growth compared to last quarter, and a strong estimated growth for the rest of the year.

Harrison added that this growth trajectory is supported by the attainable $1 billion peak net sales target, which appears conservative, provided Ibsrela’s unique market position as the only non-secretagogue treatment option and the current market conditions.

The analyst added that Ibsrela’s market opportunity is further supported by the fact that up to 50% of IBS-C patients do not exhibit adequate response to the existing treatments, which leaves a gap that Ibsrela can fill.

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.

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