BTIG Remains a Buy on Ardelyx (ARDX) With a $14 PT

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.

An aerial view of a pharmaceutical facility, showing the size and scale of the company’s operations.

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.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.