Why Ardelyx Stock Is Sinking Today
Shares of Ardelyx (NASDAQ: ARDX) were sinking 13% lower as of 11 a.m. EDT on Friday. The decline came after the company announced Thursday evening that the U.S. Food and Drug Administration (FDA) is pushing back its review period for tenapanor by three months.
Ardelyx originally hoped for an FDA approval of tenapanor in controlling serum phosphorus in adults with chronic kidney disease (CKD) on dialysis by yesterday. However, the agency requested additional analyses to help it better understand the drug's mechanism of action.
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Source Fool.com
