Keryx Biopharmaceuticals Inc. (KERX) Lifted to Hold at Zacks Investment Research
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.”
A number of other brokerages have also recently issued reports on KERX. Brean Capital cut shares of Keryx Biopharmaceuticals from a buy rating to a hold rating in a report on Tuesday, August 2nd. FBR & Co reiterated a buy rating and set a $13.00 price objective on shares of Keryx Biopharmaceuticals in a report on Monday, July 25th. Cowen and Company reiterated a neutral rating on shares of Keryx Biopharmaceuticals in a report on Wednesday, August 3rd. Maxim Group cut shares of Keryx Biopharmaceuticals from a buy rating to a hold rating in a report on Monday, August 1st. Finally, Raymond James Financial Inc. lifted their price objective on shares of Keryx Biopharmaceuticals from $7.00 to $10.00 and gave the company an outperform rating in a report on Tuesday, August 2nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $8.44.
Keryx Biopharmaceuticals (NASDAQ:KERX) opened at 5.5069 on Tuesday. Keryx Biopharmaceuticals has a 52 week low of $2.80 and a 52 week high of $7.80. The company has a 50-day moving average of $4.75 and a 200-day moving average of $5.44. The firm’s market capitalization is $583.15 million.
Keryx Biopharmaceuticals (NASDAQ:KERX) last issued its quarterly earnings data on Monday, August 1st. The biopharmaceutical company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by $0.14. The business had revenue of $9.30 million for the quarter, compared to analyst estimates of $8.60 million. Keryx Biopharmaceuticals had a negative net margin of 590.50% and a negative return on equity of 172.04%. The firm’s quarterly revenue was up 272.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.26) earnings per share. On average, equities analysts forecast that Keryx Biopharmaceuticals will post ($1.24) earnings per share for the current fiscal year.
In other Keryx Biopharmaceuticals news, CFO Scott A. Holmes sold 4,935 shares of Keryx Biopharmaceuticals stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $7.36, for a total value of $36,321.60. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 3.08% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the company. Metropolitan Life Insurance Co. NY raised its stake in shares of Keryx Biopharmaceuticals by 1.2% in the first quarter. Metropolitan Life Insurance Co. NY now owns 75,108 shares of the biopharmaceutical company’s stock valued at $351,000 after buying an additional 874 shares in the last quarter. Parametric Portfolio Associates LLC raised its stake in Keryx Biopharmaceuticals by 5.4% in the second quarter. Parametric Portfolio Associates LLC now owns 25,951 shares of the biopharmaceutical company’s stock valued at $172,000 after buying an additional 1,328 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in Keryx Biopharmaceuticals by 38.2% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 18,100 shares of the biopharmaceutical company’s stock valued at $120,000 after buying an additional 5,000 shares during the period. Oppenheimer & Co. Inc. raised its stake in Keryx Biopharmaceuticals by 18.0% in the second quarter. Oppenheimer & Co. Inc. now owns 62,316 shares of the biopharmaceutical company’s stock valued at $412,000 after buying an additional 9,500 shares during the period. Finally, Rice Hall James & Associates LLC raised its stake in Keryx Biopharmaceuticals by 1.3% in the second quarter. Rice Hall James & Associates LLC now owns 912,830 shares of the biopharmaceutical company’s stock valued at $6,043,000 after buying an additional 11,767 shares during the period. 61.13% of the stock is currently owned by institutional investors and hedge funds.
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.
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