Market Buzz: Ardelyx's Momentum and Dell's Bullish Stance
- September 25th, 2023
- 646 views
Shares of Ardelyx, Inc. (Nasdaq: ARDX) surged in pre-market trading after its collaboration partner Kyowa Kirin Co., Ltd. received approval from the Japanese Ministry of Health, Labour and Welfare (MHLW) for the New Drug Application (NDA) for tenapanor to treat hyperphosphatemia in adult CKD (chronic kidney disease) patients on dialysis.
This approval triggers $30 million in payments from Kyowa Kirin to Ardelyx and a $5 million payout from HealthCare Royalty Partners, with the potential for an additional $5 million if 2025 sales targets in Japan are met.
$ARDX was trading at $4.32 in pre-market, up $0.37 (+9.37%)
In other news, Deutsche Bank has reaffirmed its positive stance on Dell Technologies Inc. (NYSE: DELL), a prominent tech giant, by maintaining a Buy rating and increasing the price target from $68 to $75.
Considering that $DELL closed at $70.05 on Friday, the adjusted price target suggests a potential upside of $4.95 or approximately 7.06%, based on the investment firm's analysis.
THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY OR DIGITAL ASSET. Please consult with a professional investment advisor before purchasing or selling any securities viewed on or mentioned herein. (Read Full Disclaimer)
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