Keryx Biopharmaceuticals, Inc. (KERX) Downgraded to Sell at Zacks Investment Research
Keryx Biopharmaceuticals, Inc. (NASDAQ:KERX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors 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.”
A number of other equities research analysts have also recently commented on KERX. Maxim Group increased their target price on Keryx Biopharmaceuticals from $7.00 to $9.00 and gave the stock a “buy” rating in a research note on Monday, May 15th. ValuEngine cut Keryx Biopharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday, June 2nd. Morgan Stanley reissued an “equal weight” rating and issued a $7.00 target price (up from $4.00) on shares of Keryx Biopharmaceuticals in a research note on Tuesday, July 25th. Cowen and Company reaffirmed a “market perform” rating on shares of Keryx Biopharmaceuticals in a research report on Tuesday, July 25th. Finally, BidaskClub cut Keryx Biopharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $7.48.
Shares of Keryx Biopharmaceuticals (KERX) traded down 0.90% during mid-day trading on Friday, hitting $7.70. 78,941 shares of the stock traded hands. The stock’s market cap is $914.38 million. Keryx Biopharmaceuticals has a 52 week low of $4.04 and a 52 week high of $8.38. The firm’s 50-day moving average is $7.01 and its 200-day moving average is $6.40.
Keryx Biopharmaceuticals (NASDAQ:KERX) last issued its quarterly earnings results on Thursday, July 27th. The biopharmaceutical company reported ($0.77) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by $0.60. The firm had revenue of $15.10 million during the quarter, compared to analysts’ expectations of $14.51 million. Keryx Biopharmaceuticals had a negative return on equity of 2,902.87% and a negative net margin of 431.89%. Keryx Biopharmaceuticals’s revenue for the quarter was up 62.4% on a year-over-year basis. During the same period in the previous year, the company earned ($0.42) earnings per share. On average, analysts forecast that Keryx Biopharmaceuticals will post ($1.23) earnings per share for the current year.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Stifel Financial Corp raised its position in shares of Keryx Biopharmaceuticals by 11.5% in the 1st quarter. Stifel Financial Corp now owns 33,736 shares of the biopharmaceutical company’s stock worth $207,000 after acquiring an additional 3,478 shares in the last quarter. Janney Montgomery Scott LLC raised its position in shares of Keryx Biopharmaceuticals by 29.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 66,565 shares of the biopharmaceutical company’s stock worth $410,000 after acquiring an additional 15,000 shares in the last quarter. Parametric Portfolio Associates LLC raised its position in shares of Keryx Biopharmaceuticals by 60.1% in the 1st quarter. Parametric Portfolio Associates LLC now owns 192,982 shares of the biopharmaceutical company’s stock worth $1,189,000 after acquiring an additional 72,436 shares in the last quarter. Bank of Montreal Can bought a new position in shares of Keryx Biopharmaceuticals in the 1st quarter worth $434,000. Finally, Wells Fargo & Company MN raised its position in shares of Keryx Biopharmaceuticals by 21.3% in the 1st quarter. Wells Fargo & Company MN now owns 73,926 shares of the biopharmaceutical company’s stock worth $455,000 after acquiring an additional 12,987 shares in the last quarter. 65.19% of the stock is owned by hedge funds and other institutional investors.
About Keryx Biopharmaceuticals
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.
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