Wedbush sees big upside for Relypsa

Shares of recently public Relypsa (RLYP +7.2%) are up sharply in morning trading.

Wedbush is initiating at Outperform, citing Patiromer potential.

The hyperkalemia treatment "has shown a potentially best-in-class profile [and] can achieve peak annual sales of about $1.4B in the U.S," analyst Liana Moussatos says.

Price target is $34, representing upside of 70% from Monday's close.

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