With its first FDA approval in hand, a second, more lucrative indication looms on the horizon.
News & Analysis: Ardelyx
Investors reacted positively to the drugmaker's late-stage clinical results.
Investors appear to be taking profits off the table after the biotech announced a key FDA approval.
The clinical-stage biotech's stock gave back about half of Tuesday's big gain in Wednesday morning trading.
Shares jump after the clinical-stage biotech reports encouraging results from an important late-stage trial.
FDA approvals for these drugs could translate to billions of dollars for a few companies.
The buyers for its secondary stock offering weren't willing to pay up for the biotech.
The stock is down almost 20% after the company announced it was raising cash two different ways.
Good news from clinical studies and a scrapped acquisition help powered these biotech stocks to huge gains this week.
Positive phase 3 data for the biotech's irritable bowel syndrome drug, tenapanor, sends shares higher.