Ardelyx stock rockets again on massive volume, after plans to launch IBS-C treatment announced

Shares of Ardelyx Inc. ARDX, +24.56% soared 27.2% connected monolithic measurement successful midday trading Wednesday, and person present astir doubled successful 2 days since the institution announced plans to motorboat its attraction for irritable bowel syndrome with constipation (IBS-C) successful adults. Trading measurement ballooned to 192.8 cardinal shares, which was galore multiples of the full-day mean of 4.3 cardinal shares, and capable to marque the banal the astir actively traded connected large U.S. exchanges. The institution said earlier Tuesday's unfastened that it volition motorboat Ibsrela, which was approved by the U.S. Food and Drug Administration backmost successful September 2019 to dainty IBS-C successful adults, successful the 2nd 4th of 2022. After closing astatine a grounds debased of 86 cents connected Monday, the banal soared 32.2% connected Tuesday connected measurement of 48.6 cardinal shares, past ran up adjacent higher connected Wednesday. Based connected the latest speech data, abbreviated interest, oregon bearish bets connected the stock, represented 6.5% of the nationalist interval of shares. Despite the large two-day rally, the banal was inactive down astir 78% twelvemonth to date, portion the S&P 500 SPX, +1.34% has precocious astir 24%.