Why Ardelyx Shares Jumped Today
Shares of Ardelyx (NASDAQ: ARDX) were jumping 10.3% as of 3:19 p.m. EST on Tuesday. The nice gain came after the biopharmaceutical company announced positive results from a phase 3 clinical study evaluating tenapanor as monotherapy for treating hyperphosphatemia in patients with chronic kidney disease (CKD) on dialysis.
Ardelyx's late-stage study included 419 patients who received tenapanor and 137 patients who received sevelamer, a drug currently used as a standard treatment for hyperphosphatemia in CKD patients. The study achieved its primary endpoint of a statistically significant difference in least square mean serum phosphorus change compared with placebo.
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Source Fool.com