13 Best Biotech Penny Stocks to Buy According to Hedge Funds

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9. Ardelyx Inc. (NASDAQ:ARDX)

Share Price as of April 14: $4.46

Number of Hedge Fund Holders: 30

Ardelyx Inc. (NASDAQ:ARDX) discovers, develops, and commercializes medicines to treat unmet medical needs internationally. It offers IBSRELA, which is a minimally absorbed small molecule therapy for patients with IBS with constipation. It also offers XPHOZAH, which is a phosphate absorption inhibitor for adults with chronic kidney disease on dialysis.

XPHOZAH is a relatively new medication launched in late 2023. It is designed to help dialysis patients manage hyperphosphatemia, which is a condition of high phosphorus levels in the blood. In Q4 2024, XPHOZAH generated $57.2 million in net product sales revenue, which was up 11% sequentially. In 2024, it achieved $160.9 million in net sales in the US market alone. The company projects that XPHOZAH can reach $750 million in annual net sales revenue before its patent expires.

As January began, Medicare Part D coverage for Ardelyx’s XPHOZAH was eliminated as it was included in the End-Stage Renal Disease Prospective Payment System (ESRD PPS) bundle. Despite changes in coverage, Ardelyx is committed to ensuring that patients who need XPHOZAH can still access it. The commercial strategy involves educating healthcare providers about the continued availability of the drug and supporting additionally through the ArdelyxAssist program.

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