Ardelyx Inc (ARDX)

Shares of Ardelyx (ADX) dropped by 14.49% from $3.60 to $3.54 in the trading on Wednesday, October 11, 2023. The reason why ADX stock down is due to a competitor's successful kidney disease prevention drug. However, the stock drop was not exclusive to Fresenius, as some other dialysis companies like DaVita and Baxter International also suffered losses. This market turbulence was triggered by Novo Nordisk's early termination of a phase 3 trial for Ozempic (semaglutide), which showed remarkable effectiveness in slowing kidney disease progression in type 2 diabetes and chronic kidney disease patients, potentially disrupting the need for dialysis. This setback compounded Ardelyx' existing struggles, now that the announcement by Novo Nordisk takes the wind out of the company's potential Xphozah approval.

Ardelyx (ARDX) posted a Q1 loss of $0.13 per share, which missed the Zacks Consensus Estimate of a loss of $0.11, resulting in an earnings surprise of -18.18%.

https://finance.yahoo.com/news/ardelyx-ardx-reports-q1-loss-211509061.html