Biotech Finds Mid-Week Success Following FDA Announcement

A Massachusetts-based biotech company found tremendous success on Wednesday after it was announced that the FDA approved the company’s Xphozah, the first and only phosphate absorption inhibitor, according to the release.

This cased shares of Ardelyx Inc. (Nasdaq:ARDX) to get massively bid up on Wednesday, with shares reaching $4.12/share (+19.42%) at the session high. This move is just a continuation of the success this stock has found over the last year.

Ardelyx Inc is a biotechnology company focused on the discovery, development, and commercialization of molecule and polymeric therapeutics to treat the gastrointestinal tract and cardiorenal diseases. The company has a proprietary drug discovery and design platform. Its lead product candidate is tenapanor, which aims to reduce the absorption of dietary sodium and phosphorus for the treatment of kidney disease, irritable bowel syndrome with constipation, and hyperphosphatemia in patients with dialysis.

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