Shares of Ardelyx Inc. (ARDX) plunged 14.07% during Thursday's trading session, as the biopharmaceutical company reported disappointing financial results for the fourth quarter.
The company, which develops innovative therapies for cardiorenal diseases, failed to meet analysts' expectations for revenue and earnings. While Ardelyx managed to generate some revenue from its recently launched product, it was not enough to offset the significant research and development costs associated with its pipeline.
Analysts had anticipated Ardelyx would report progress on its lead drug candidate for chronic kidney disease, but the company provided little update on the clinical trials, raising concerns about potential delays or setbacks in the development program.
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