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Research analysts at Wedbush assumed coverage on shares of Relypsa (NASDAQ:RLYP) in a report released on Tuesday, reports. The firm set an “outperform” rating and a $34.00 price target on the stock. Wedbush’s target price would suggest a potential upside of 70.09% from the stock’s previous close.

The analysts wrote, “Relypsa is an emerging pharmaceutical company developing non-absorbed polymer drug candidates to treat renal, cardiovascular and metabolic diseases. Patiromer is the lead drug candidate and is a non-absorbed, optimized potassium-binding polymer to normalize hyperkalemia. Initial targeted patients include those with chronic kidney disease (CKD) and heart failure (HF) for which the standard-of-care, renin-angiotensin-aldosterone system inhibitors (RAASi), can also cause life-threatening hyperkalemia. The company expects to file an NDA for patiromer in Q3:14 and we estimate U.S. launch in Q4:15.”

Separately, analysts at Morgan Stanley initiated coverage on shares of Relypsa in a research note to investors on Tuesday. They set an “overweight” rating and a $57.00 price target on the stock.

Relypsa (NASDAQ:RLYP) traded up 6.90% on Tuesday, hitting $21.37. The stock had a trading volume of 68,117 shares. Relypsa has a one year low of $11.55 and a one year high of $21.40. The stock’s 50-day moving average is $15.7 and its 200-day moving average is $15.7. The company’s market cap is $612.5 million.

Relypsa, Inc is a pharmaceutical company focused on the development and commercialization of non-absorbed polymeric drugs to treat disorders in the areas of renal, cardiovascular and metabolic diseases.

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