Keryx Biopharmaceuticals Inc. (NASDAQ:KERX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued 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.”
A number of other brokerages have also commented on KERX. FBR & Co reaffirmed a “buy” rating and issued a $13.00 target price on shares of Keryx Biopharmaceuticals in a research report on Monday, July 25th. Brean Capital lowered Keryx Biopharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, August 2nd. Vetr lowered Keryx Biopharmaceuticals from a “strong-buy” rating to a “buy” rating and set a $5.93 target price for the company. in a research report on Monday. Stifel Nicolaus lowered Keryx Biopharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, August 2nd. Finally, Maxim Group reaffirmed a “buy” rating and issued a $9.00 target price (up from $7.00) on shares of Keryx Biopharmaceuticals in a research report on Friday, July 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $8.02.
Keryx Biopharmaceuticals (NASDAQ:KERX) traded down 2.55% during mid-day trading on Tuesday, hitting $5.36. The stock had a trading volume of 881,382 shares. The firm’s 50-day moving average price is $4.66 and its 200-day moving average price is $5.44. The stock’s market cap is $567.60 million. Keryx Biopharmaceuticals has a 1-year low of $2.80 and a 1-year high of $7.80.
Keryx Biopharmaceuticals (NASDAQ:KERX) last announced 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 earned $9.30 million during 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 revenue for the quarter was up 272.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.26) earnings per share. On average, equities analysts expect that Keryx Biopharmaceuticals will post ($1.24) earnings per share for the current year.
In related news, CFO Scott A. Holmes sold 4,935 shares of the company’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 filing with the SEC, which is available at this hyperlink. 3.08% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of the stock. Alpine Partners VI LLC purchased a new position in Keryx Biopharmaceuticals during the second quarter valued at approximately $110,000. Trexquant Investment LP purchased a new position in Keryx Biopharmaceuticals during the second quarter valued at approximately $115,000. Cambridge Investment Research Advisors Inc. increased its position 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 last quarter. LMR Partners LLP purchased a new position in Keryx Biopharmaceuticals during the second quarter valued at approximately $125,000. Finally, Stifel Financial Corp purchased a new position in Keryx Biopharmaceuticals during the second quarter valued at approximately $170,000. Institutional investors and hedge funds own 61.13% of the company’s stock.
Keryx Biopharmaceuticals Company Profile
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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