Relypsa (RLYP) shares rallied on Tuesday, closing nearly 10% higher. The rally was party due to equities rebounding after the sell-off in the previous two trading sessions. RLYP though was also boosted by the announcement of results of a pre-specified exploratory analysis of the Phase 3 OPAL-HK trial of Veltassa® (patiromer) for oral suspension.
The results were published online by Kidney International, the journal of the International Society of Nephrology. The previously published OPAL-HK study evaluated Veltassa in patients with hyperkalemia (elevated blood potassium levels) and chronic kidney disease (CKD) who were taking renin angiotensin aldosterone system (RAAS) inhibitors. Results of this newly published analysis found that patients taking Veltassa in the study had significant decreases in systolic and diastolic blood pressure and reduced levels of aldosterone in the blood. Aldosterone is a hormone that plays an important role in the body's regulation of blood pressure and blood potassium levels.
RLYP continues to be in my Conviction buy list. The stock has remained rangebound but I believe that would change once Veltassa gains traction. I am maintaining my $48.20 price target on the stock.