Ardelyx (NASDAQ:ARDX) stock is taking off on Thursday after an advisory committee to the U.S. Food and Drug Administration (FDA) voted in favor of its kidney disease drug.
This saw the FDA’s Cardiovascular and Renal Drugs Advisory Committee vote that the benefits of Xphozah outweigh the risks. That vote was nine in favor of the drug and four against it. Also, it specifically covers its use in patients with chronic kidney disease that are on dialysis.
To go along with that, the committee also voted on its use in combination with phosphate binder treatment. That had 10 votes in favor of Xphozah, two votes against it, and a single committee member choosing not to vote on the matter.
What This Means for ARDX Stock
The FDA takes into consideration the suggestions of its committees when weighing approval for new drugs and treatments. While it doesn’t always follow their advice, it does so more often than not. With votes in favor of Xphozah, it seems likely to get approval from the FDA.
That’s good news for ARDX stock and we’re already seeing heavy trading of the shares today. As of this writing, more than 66 million shares of the stock have changed hands. That’s a jump from its daily average trading volume of about 4.2 million shares.
ARDX stock is up 37.7% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
