Keryx Biopharmaceuticals Inc. (KERX) Upgraded at Zacks Investment Research
Keryx Biopharmaceuticals Inc. (NASDAQ:KERX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Keryx’s top line is driven by strong demand for its lead product, Auryxia. We are encouraged by the company’s label expansion efforts on Auryxia in iron-deficiency anemia (IDA) indication. Moreover, the IDA market holds great potential. However, Keryx was dealt a huge blow when it announced an imminent interruption in the supply of Auryxia in August, due to issues related to the conversion of the active pharmaceutical ingredient (API) into the finished product by its contract manufacturer. Consequently, the company withdrew its guidance for 2016. The supply issue is not expected to be resolved any time soon and will lead to a significant decline in sales. The issue will continue to hurt on the shares until supply normalizes. Given that the company is heavily dependent on Auryxia for growth, this development is concerning. Also, Auryxia faces stiff competition in the U.S. from existing players.”
Other equities research analysts also recently issued reports about the company. JMP Securities restated an “outperform” rating on shares of Keryx Biopharmaceuticals in a report on Thursday, September 8th. FBR & Co restated a “buy” rating and issued a $13.00 price target on shares of Keryx Biopharmaceuticals in a report on Monday, July 25th. Vetr downgraded Keryx Biopharmaceuticals from a “strong-buy” rating to a “buy” rating and set a $5.93 price target for the company. in a report on Monday. Maxim Group restated a “buy” rating and issued a $9.00 price target (up from $7.00) on shares of Keryx Biopharmaceuticals in a report on Friday, July 8th. Finally, Raymond James Financial Inc. increased their price target on Keryx Biopharmaceuticals from $7.00 to $10.00 and gave the stock an “outperform” rating in a report on Tuesday, August 2nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $8.02.
Keryx Biopharmaceuticals (NASDAQ:KERX) traded down 2.55% during midday trading on Tuesday, reaching $5.36. The company had a trading volume of 881,382 shares. The company’s 50-day moving average is $4.66 and its 200 day moving average is $5.44. Keryx Biopharmaceuticals has a 52-week low of $2.80 and a 52-week high of $7.80. The company’s market cap is $567.60 million.
Keryx Biopharmaceuticals (NASDAQ:KERX) last released its quarterly earnings data on Monday, August 1st. The biopharmaceutical company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by $0.14. The company earned $9.30 million during the quarter, compared to the consensus estimate of $8.60 million. Keryx Biopharmaceuticals had a negative net margin of 590.50% and a negative return on equity of 172.04%. The company’s revenue for the quarter was up 272.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.26) EPS. On average, equities research analysts forecast that Keryx Biopharmaceuticals will post ($1.24) EPS for the current year.
In other news, CFO Scott A. Holmes sold 4,935 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $7.36, for a total value of $36,321.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.08% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in Keryx Biopharmaceuticals during the fourth quarter worth about $9,150,000. FMR LLC boosted its stake in Keryx Biopharmaceuticals by 45.1% in the second quarter. FMR LLC now owns 3,168,664 shares of the biopharmaceutical company’s stock worth $20,977,000 after buying an additional 984,472 shares during the last quarter. Royce & Associates LP boosted its stake in Keryx Biopharmaceuticals by 32.2% in the first quarter. Royce & Associates LP now owns 451,725 shares of the biopharmaceutical company’s stock worth $2,110,000 after buying an additional 110,000 shares during the last quarter. Paloma Partners Management Co acquired a new stake in Keryx Biopharmaceuticals during the second quarter worth about $536,000. Finally, A.R.T. Advisors LLC acquired a new stake in Keryx Biopharmaceuticals during the second quarter worth about $471,000. 61.13% of the stock is owned by institutional investors.
About Keryx Biopharmaceuticals
Keryx Biopharmaceuticals, Inc is a biopharmaceutical company. The Company is focused on the development of products for the treatment of renal diseases. The Company’s product Auryxia (ferric citrate), also known as Riona in Japan and Fexeric in Europe, is an oral, absorbable iron-based compound, which is indicated for the control of serum phosphorus levels in patients with chronic kidney disease (CKD), on dialysis.
Receive News & Stock Ratings for Keryx Biopharmaceuticals Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Keryx Biopharmaceuticals Inc. and related stocks with our FREE daily email newsletter.