ARDX PDUFA decision: a positive outcome, -8.4%

On September 12, 2019, Ardelyx reached its PDUFA decision. The result was a positive outcome, and the stock moved -8.4% in the window around the event. It had already run +132.2% in the 30 days into the catalyst — the kind of pre-event run-up that often precedes binary readouts.