Shares of Ardelyx (ARDX) - Get Ardelyx, Inc. Report rose 9.2% in premarket trading on Wednesday to $12.50 after the Fremont, Calif.-based company reported positive data from a Phase 3 study on the efficacy and safety of tenapanor as a treatment for hyperphosphatemia in patients with end-stage renal disease who are on dialysis.

"These positive data from our first Phase 3 study are an important milestone for Ardelyx," said chief operating officer Reg Seeto in a statement on Wednesday. "They are essential to our ability to achieve our goal of establishing leading, revenue-generating cardiorenal and GI business units over the next five years, and bringing important new medicines to underserved patients."

Ardelyx plans to conduct a second Phase 3 study of tenapanor in mid-2017.

Meanwhile, shares of Acorda TherapeuticsACOR were up 9% $26. The Ardsley, N.Y.-based company on Tuesday reported fourth-quarter and full-year 2016 results and provided guidance for 2017.

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Other biotech stock movers include Medicines Co. (MDCO) - Get Medicines Company Report , whose shares rose 8.7% to $56.