Keryx Biopharmaceuticals, Inc. (NASDAQ:KERX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Friday.

According to Zacks, “Keryx posted wider than expected loss in the second quarter of 2017 but sales exceeded expectations.  With Auryxia being the only approved product in Keryx’s portfolio, the company is entirely dependent on Auryxia for growth. Auryxia faces stiff competition in the U.S. from existing players, apart from over-the-counter drugs like some calcium carbonate and metal-based products. Apart from competition, Keryx may face strong pricing pressure for Auryxia. However, the company is making efforts to expand the label of Auryxia. The  FDA accepted for review the supplemental New Drug Application (sNDA) for Auryxia tablets for the iron-deficiency anemia (IDA) indication and has set the Prescription Drug User Fee Act (PDUFA) target action date on Nov 6, 2017. A potential approval should increase sales. Shares of the company have outperformed the industry year to date.”

KERX has been the topic of a number of other reports. Morgan Stanley reissued an “equal weight” rating and issued a $7.00 price objective (up from $4.00) on shares of Keryx Biopharmaceuticals in a research report on Tuesday, July 25th. Maxim Group increased their price objective on shares of Keryx Biopharmaceuticals from $7.00 to $9.00 and gave the stock a “buy” rating in a research report on Monday, May 15th. ValuEngine lowered shares of Keryx Biopharmaceuticals from a “hold” rating to a “sell” rating in a research report on Friday, June 2nd. BidaskClub lowered shares of Keryx Biopharmaceuticals from a “hold” rating to a “sell” rating in a research report on Tuesday, August 8th. Finally, Cowen and Company reaffirmed a “market perform” rating on shares of Keryx Biopharmaceuticals in a research report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $7.48.

Shares of Keryx Biopharmaceuticals (NASDAQ KERX) traded down 2.70% on Friday, reaching $7.56. The company had a trading volume of 943,500 shares. Keryx Biopharmaceuticals has a 52 week low of $4.11 and a 52 week high of $8.38. The stock’s 50 day moving average is $7.02 and its 200 day moving average is $6.41. The firm’s market capitalization is $897.75 million.

Keryx Biopharmaceuticals (NASDAQ:KERX) last posted its quarterly earnings data on Thursday, July 27th. The biopharmaceutical company reported ($0.77) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.17) by $0.60. Keryx Biopharmaceuticals had a negative return on equity of 2,902.87% and a negative net margin of 431.89%. The firm had revenue of $15.10 million during the quarter, compared to analysts’ expectations of $14.51 million. During the same period last year, the company earned ($0.42) earnings per share. The business’s revenue for the quarter was up 62.4% compared to the same quarter last year. On average, equities analysts anticipate that Keryx Biopharmaceuticals will post ($1.23) EPS for the current year.

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Large investors have recently modified their holdings of the company. Principal Financial Group Inc. increased its position in shares of Keryx Biopharmaceuticals by 4.2% during the second quarter. Principal Financial Group Inc. now owns 14,759 shares of the biopharmaceutical company’s stock worth $107,000 after acquiring an additional 590 shares during the period. OZ Management LP purchased a new position in shares of Keryx Biopharmaceuticals during the first quarter worth approximately $109,000. Raymond James Financial Services Advisors Inc. increased its position in shares of Keryx Biopharmaceuticals by 51.8% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 16,495 shares of the biopharmaceutical company’s stock worth $119,000 after acquiring an additional 5,628 shares during the period. Jane Street Group LLC purchased a new position in shares of Keryx Biopharmaceuticals during the first quarter worth approximately $141,000. Finally, Legal & General Group Plc increased its position in shares of Keryx Biopharmaceuticals by 1.2% during the first quarter. Legal & General Group Plc now owns 25,985 shares of the biopharmaceutical company’s stock worth $161,000 after acquiring an additional 300 shares during the period. 65.19% of the stock is currently owned by institutional investors and hedge funds.

Keryx Biopharmaceuticals Company Profile

Keryx Biopharmaceuticals, Inc is a biopharmaceutical company focused on the development of medicines for people with renal disease. The Company is engaged in the manufacture, development and commercialization of products for use in treating human diseases. Its marketed product, Auryxia (ferric citrate), which is an orally available, absorbable, iron-based medicine is approved in the United States for the control of serum phosphorus levels in patients with chronic kidney disease (CKD) on dialysis.

Analyst Recommendations for Keryx Biopharmaceuticals (NASDAQ:KERX)

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