Andrii Yalanskyi/iStock via Getty Images Ardelyx ( NASDAQ: ARDX ) shares trended lower on Friday after the Waltham, Massachusetts-based biotech announced the resignation of its chief commercial officer, Susan Rodriguez. In a regulatory filing later Thursday, the maker of the Xphozah kidney disease drug said that despite her resignation, Rodriguez will continue to serve Ardelyx ( ARDX ) in an advisory role through the end of 2024. The departure of Rodriguez, who joined the company as its first commercial chief in 2020, sparked concerns on Wall Street on Friday, with the stock trading lower for the second straight session, albeit on below-average volumes.
The resignation is not favorable for the company, and it adds uncertainty. Piper Sandler argued in reaction, adding that it could be related to a strategic disagreement. The firm has an Overweight rating and a $15 target on the stock.
Rodriguez’s exit comes at a time when Ardelyx ( ARDX ) is waiting to see if there will be any legislative or regulatory action to delay the inclusion of oral-only End Stage Renal Disease-related (ESRD) drugs such as Xphozah into the ESRD Prospective Payment System. If no such action is taken, Xphozah will become part of the ESRD Prospective Payment System on January 1, 2025, after which the drug will no longer be covered by Medicare Part D. More on Ardelyx Ardelyx: Strong Execution, Fairly Valued Ardelyx Stock: A Crowded Market Curbs The Enthusiasm (Rating Downgrade) Ardelyx, Inc.
(ARDX) Q1 202.
