Ardelyx Stock Rises Premarket As Piper Sees Over 100% Upside — Says Constipation Drug ‘Stole The Show’ With 2026 Guidance

• Piper upgraded Ardelyx to ‘Overweight’ and lifted its price target to $16 after sharply higher 2026 guidance.
• The company now expects its lead therapy to reach $1 billion in annual revenue by 2029, years earlier than prior expectations.
• Ardelyx also guided for continued growth across its broader portfolio, including Xphozah.

Ardelyx shares rose nearly 3% in premarket trading on Friday after Piper Sandler upgraded the stock to ‘Overweight’ from ‘Neutral’, pointing to an improved revenue outlook for Ibsrela, the company’s first-in-class treatment for irritable bowel syndrome with constipation, following its latest guidance update.

Piper Upgrade Follows Guidance Reset

Piper Sandler raised its Ardelyx price target to $16 from $10, implying an upside of about 130%, after the company updated its fourth quarter preliminary estimates and first fiscal 2026 guidance. The constipation drug “stole the show,” Piper Sandler wrote, referring to revenue projections that far exceeded expectations.

The firm highlighted Ardelyx’s 2026 revenue guidance of $410 million to $430 million, which it said far exceeds consensus estimates of about $375 million. Piper also noted that the company now expects the treatment to reach $1 billion in annual revenue by 2029, roughly four years earlier than the firm had previously anticipated.

Constipation Drug Anchors Growth Outlook

Ardelyx said most of its 2026 revenue is expected to come from Ibsrela. The company said revenue from the treatment is projected to rise at least 50% from 2025 levels.

The drug is forecast to pull in roughly $274 million in revenue in 2025, which would be 73% growth versus 2024, the company said. Revenue in the fourth quarter was about $87 million, versus $53.8 million in the same period a year earlier.

Pipeline Progress

In addition to its Ibsrela, Ardelyx estimated it will generate $110 million to $120 million in 2026 revenue from Xphozah, an FDA-approved drug that lowers phosphorus in adults with chronic kidney disease who receive dialysis.

CEO Mike Raab said the company is entering 2026 “exceptionally well positioned” as it continues to invest in expanding its commercial footprint and long-term growth opportunities.

Ardelyx also said a late-stage clinical trial evaluating its constipation drug in patients with chronic idiopathic constipation has begun and is expected to wrap up in the second half of 2027, a step that could broaden the drug’s potential market.

How Did Stocktwits Users React?

On Stocktwits, retail sentiment for Ardelyx was ‘extremely bullish’ amid ‘extremely high’ message volume.

One user said the next potential target could be around $7.50, pointing to an unfilled price gap from early July 2024.

Another user described the stock as “pure gold.”

Ardelyx’s stock has risen 31% over the past 12 months.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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