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Keryx Biopharmaceuticals (KERX) Spikes on Upgrade from Roth Capital

By  +Follow October 16, 2013 9:45AM
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Shares in Keryx Pharmaceuticals (KERX) joined the market rally on Wednesday with gusto, climbing nearly 20 percent on news that it was being upgraded by several analysts. Keryx has been experiencing a strong year since getting back solid data from a Phase III trial on its phosphate-binder Zerenex, which is intended for use by dialysis patients.

Upgrades from Roth Capital, Maxim Group

Keryx's Wednesday bounce can be attributed to a bullish recommendation from Dr. Joseph Pantginis at Roth Capital, who reiterated his buy rating while raising his price target from $16 to $24. In a September 24 interview with Seeking Alpha’s Ben Yoffe, Pantginis cited the 52 percent reduction in IV iron use by patients in the Phase III clinical study as being an important factor.

“We believe the ‘iron sparing’ component of Zerenex' profile will differentiate the drug upon anticipated approval,” he said. “We believe that not enough emphasis is currently being placed by the street on the iron sparing parameters seen to date, especially in the Phase III. The pharmacoeconomic benefit that can be seen using Zerenex can easily reach hundreds of millions of dollars with reduced iv iron and ESA use such as Epogen.”

Issuing a much more bearish, but nonetheless positive, outlook on August 1 were Maxim Group analysts, who upgraded the stock to a buy and raised the price target from $9 to $12.

Zerenex Approval by FDA Continues Strong Year

News of the positive Phase III study results initially caused Keryx’s stock to more than triple from January 18 to January 30 of this year. So far, the stock’s up nearly 300 percent on the year. The most recent increase also comes on the heels of news that the New Drug Application (NDA) for Zerenex had been approved by the FDA on Tuesday of last week.

"We are very pleased with the FDA's acceptance for filing of our NDA for Zerenex, as this represents an important achievement in the development of Zerenex,” said CEO Ron Bentsur at the time. “We believe that Zerenex has the potential to make a meaningful difference in the lives of patients with chronic kidney disease on dialysis, and we look forward to continuing to work with the FDA in its review process of the Zerenex NDA."

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer


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Results for KERX
StockenheimerSchmidt
6 Jul 15 01:11:27
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5 Jul 15 22:26:26
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5 Jul 15 22:15:52
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5 Jul 15 21:45:28
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5 Jul 15 21:43:43
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WatchTheFunds
5 Jul 15 21:18:01
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Penny Stockington
5 Jul 15 19:20:04
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5 Jul 15 18:47:01
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5 Jul 15 18:46:56
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5 Jul 15 18:45:53
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5 Jul 15 18:45:15
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5 Jul 15 14:39:18
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5 Jul 15 13:13:25
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5 Jul 15 12:41:27
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WatchTheFunds
5 Jul 15 08:54:02
$KERX Institutional ownership up 1.39% Q/Q, with 991,248 net purchase http://t.co/YS7zmgzxlu http://t.co/AbKep6j3AJ
Penny Stockington
5 Jul 15 08:31:49
$SUTI Has Gained 66.67%, Since Our Penny Stock Blog Alert! Huge News: http://t.co/llIxl7cUOL $YPF $KERX $ATSG
Stockaholics
5 Jul 15 08:25:51
$SUTI Has Now Seen 400% Gains In The Past 2 Weeks! Special Update: http://t.co/l1zbyeWEGo $YPF $KERX $ATSG
Stock Dawgzz
5 Jul 15 08:25:25
Our Platinum Subscribers Saw Their Penny Stock Alerts Gain Over 200% In 2 Weeks! Big Update: http://t.co/Lhta1yqlzk $YPF $KERX $ATSG
Stock Rocket
5 Jul 15 08:24:28
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StockenheimerSchmidt
5 Jul 15 08:07:12
Our Stock Pick On $PPCH Is Up 370% For Our Subscribers, Since Our Original Release At .02! Huge News: http://t.co/Ab9x726B1J $TSL $KERX $GGA
				
				
By  +Follow October 16, 2013 9:45AM
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