Ardelyx is trading 14.07% down at $4.18 after its August 6 earnings report triggered a post-earnings selloff and management cut 2026 IBSRELA revenue guidance to $350–$370 million from $410–$430 million.
- Stricter payer prior authorizations and step edits are delaying new-patient starts.
- Investors were unsettled by the withdrawn long-term XPHOZAH revenue target, despite strong quarterly product demand.
- The decline is company-specific and outweighs the broader biotech sector’s gain.