Raymond James reiterated its Strong Buy rating and $16 price target on Ardelyx (NASDAQ: ARDX) following price increases for both Xphozah and Ibsrela.

The firm said it had recently raised estimates for both products after survey feedback indicated increasing utilization trends, which it viewed as setting the stage for potential upside. While the precise impact on net pricing remained uncertain, Raymond James said the adjustments provided a supportive tailwind for its commercial thesis.

The timing of the price increases was consistent with prior years, though the magnitude was described as modestly more aggressive. Ibsrela prices rose 9% on January 1, 2026, compared with a 5% increase on January 1, 2025, while Xphozah prices increased 8%, up from a 7% increase in the prior year.

Based on its recent survey work and the updated pricing environment, Raymond James said the increases reinforced its bullish outlook on Ardelyx shares and reaffirmed its Strong Buy rating and $16 price target.