The future of Relypsa Inc RLYP 2.77%’s share price may hinge entirely on a potential buyout. In fact, if the rumored buyout doesn’t end up happening, Mizuho analyst Irina Koffler believes Relypsa’s stock is headed for single-digits.

Relypsa’s stock skyrocketed 67 percent in a single day earlier this month on buyout rumors. However, Benzinga reported Thursday that Relypsa has dropped Centerview as an M&A advisor.

Despite the company reporting in-line prescription numbers for the month of March, Koffler says Friday’s negative market reaction is not surprising considering Benzinga’s story.

“As we previously wrote in our initiation report dated April 12, if takeout interest subsides in the stock, we would expect shares to collapse below $10 due to financing risk and longer-term expense visibility,” Koffler explains.

Koffler spoke…

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