Specialty biopharmaceutical firm Ardelyx Inc (NASDAQ:ARDX) was in considerable focus among investors on Tuesday and it was apparent from the price action in the company’s stock.
Trading Data
On Tuesday, ARDX stock soared 32.24% at $1.14 with more than 43.42 million shares, compared to its average volume of 3.31 million shares. The stock has moved within a range of $0.8163 – 1.3100 after opening trade at $0.91.
Ardelyx Launching IBSRELA® Second Quarter of 2022
Following a major announcement from the company yesterday, investors piled on to the Ardelyx stock in a big way and ended up with gains of as much as 32% as a consequence. Yesterday, the stock came into focus after the company announced its plans for the launch of a new product named ISRELA. The product in question has already been approved and is meant for treating people who suffer from irritable bower syndrome in conjunction with constipation.
Ardelyx announced that it was looking to launch the product at some point in the second quarter of 2022. The announcement with regards to the launch of a newly approved product can often come as a significant boost for the stock of a biopharmaceutical company and that is what seemed to have happened with the Ardelyx stock.
The President and CEO of the company Mike Raab spoke about the matter as well. He stated that the market for IBS-C (irritable bowel syndrome with constipation) has grown considerably over the past few years.
Technical Data
ARDX stock is below the 20-Day and 50-Day Moving averages of $1.12 and $1.17 respectively. Moreover, the stock is below the 200-Day moving average of $4.46. The stock is down 6% in the past 3-month.
