Ardelyx (ARDX)
Commercializes IBSRELA and XPHOZAH from a gut-local NHE3 inhibition platform.
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Markets U.S. tenapanor products: IBSRELA for adults with IBS-C and XPHOZAH for dialysis patients needing additional phosphorus control. Operations are U.S.-centered, with ex-U.S. rights handled through partners and XPHOZAH shaped by dialysis reimbursement rules.
Built around tenapanor, a minimally absorbed NHE3 inhibitor, the business markets IBSRELA for adults with IBS-C and XPHOZAH for adults with chronic kidney disease on dialysis who need additional serum-phosphorus control after phosphate binders fall short or are not tolerated.
Operations run as a single reportable segment, with product revenue primarily from U.S. sales. Outside the United States, tenapanor rights are handled through partners in Canada, Japan, and China rather than a direct global commercial buildout.
Execution depends on gastroenterology access for IBSRELA, dialysis-market reimbursement for XPHOZAH, and continued development of tenapanor in chronic idiopathic constipation plus the preclinical RDX10531 program. XPHOZAH is structurally tied to ESRD PPS treatment.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 7, 2026 | H.C. Wainwright | Reiterate | Rating: —Target: $18 | Target: $13 |
| Mar 12, 2026 | Williams Trading | Target | Target: — | Target: $17 |
| Feb 20, 2026 | H.C. Wainwright | Target | Target: $11 | Target: $18 |
| Jan 27, 2026 | Jefferies | Target | Target: $8 | Target: $15 |
| Jan 9, 2026 | BTIG | Reiterate | Rating: —Target: $14 | Target: $17 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $281.8M · Total debt $256.2M · Total assets $575.9M · Shareholders' equity $149.0M
- Revenue
- $120.9M
- Operating income
- −$12.4M
- Net income
- −$16.7M
No dividends on record.
| Institutions | ≈ 71.69% | 178.64M shares | |
|---|---|---|---|
| 262 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 4.22% | 10.51M shares | |
| 22 holders · as of Aug 25, 2026 | |||
| Strategic holders | 13.84% | 34.50M shares | |
| 2 holders · as of Apr 27, 2026 | |||
| Other | ≈ 10.25% | 25.54M shares | |
| remainder | |||
249.19M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 9.43% | 23.50M | as of Jun 30, 2026 |
Integrated Core Strategies (US) LLCStrategic | 7.11% | 17.72M | filed Apr 27, 2026 |
BlackRock, Inc.Strategic | 6.73% | 16.78M | filed Jan 26, 2024 |
Rubric Capital Management LPInstitution | 6.50% | 16.20M | as of Jun 30, 2026 |
Millennium Management LLCInstitution | 5.58% | 13.90M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 21, 2026 | Eric Duane Foster | officer: Chief Commercial Officer | −8,562 | $3.86 |
| Aug 21, 2026 | James Parker Brady | officer: Chief Human Resources Officer | −15,136 | $3.86 |
| Aug 21, 2026 | John E. Bishop | officer: See Remarks | −19,750 | $3.86 |
| Aug 21, 2026 | Joseph James Reilly | officer: See Remarks | −3,982 | $3.86 |
| Aug 21, 2026 | Susan Hohenleitner | officer: Chief Financial Officer | −1,558 | $3.86 |
- Ironwood Pharmaceuticals
LINZESS economics and market leadership across IBS-C/CIC
- AbbVie
Large-pharma commercial force behind LINZESS/Constella
- Bausch Health
TRULANCE pressure in adult IBS-C and CIC
- Akebia Therapeutics
Auryxia ferric-citrate binder in CKD dialysis care
- Sanofi (ADR)
Sevelamer/Renvela class pressure in dialysis phosphate care
- Teva (ADR)
Generic lubiprostone alternative in the IBS-C basket
- Unicycive Therapeutics
Near-term OLC phosphate-binder threat, pending FDA review
CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ardelyx | $3.61 | −0.55% | $864.6M | — | — | 1.9 | +23.8% |
| Ironwood Pharmaceuticals | $4.55 | +0.44% | $725.9M | 5.7 | 3.6 | 1.9 | +32.6% |
| AbbVie | $265.21 | −0.02% | $467.37B | 74.5 | 17.5 | 7.3 | +10.2% |
| Bausch Health | $5.81 | +0.09% | $2.11B | — | 1.3 | 0.2 | +11.2% |
| Akebia Therapeutics | $0.9800 | +0.65% | $251.8M | — | — | 1.1 | −21.4% |
| Sanofi (ADR) | $42.49 | +0.05% | $102.05B | 75.6 | — | 1.8 | +11.2% |
| Teva (ADR) | $39.60 | +0.28% | $46.66B | 66.8 | 14.1 | 2.7 | −0.8% |
| Unicycive Therapeutics | $4.96 | 0.00% | $127.4M | — | — | — | — |
| Median | 70.6 | 8.9 | 1.8 | +10.7% |