Keryx Biopharmaceuticals (NASDAQ:KERX), a biopharmaceutical company focused on bringing innovative therapies to market for people with renal disease, announced that two national insurance providers have added Auryxia™ to their Medicare Part D formularies. Auryxia is the first and only absorbable, iron-based phosphate binder for the treatment of elevated serum phosphorus levels in people with chronic kidney disease on dialysis. Together, these new formularies will increase unrestricted access to Auryxia, acrossMedicare Part D and commercial insurance providers, to approximately 65 percent of people in the U.S. currently taking phosphate binders.
“The inclusion of Auryxia on these major insurance providers’ Part D formularies, which we expect will start processing claims in the third quarter, significantly expands unrestricted access to Auryxia for people on dialysis and their caregivers,” said Greg Madison, Chief Executive Officer of Keryx Biopharmaceuticals. “We are progressing nicely towards our goal of broad, unrestricted access to approximately 80 percent of phosphate binder prescriptions, across both Medicare Part D and commercial insurance providers, within 12 months post-approval. Looking ahead, we are focused on continuing to raise awareness of Auryxia’s clinical profile among the prescribing community and ensuring that the vast majority of dialysis patients have access to this important medicine.”
Auryxia is currently approved to treat elevated serum phosphorus levels in the estimated 450,000 people in the U.S. who have End Stage Renal Disease (ESRD) and require dialysis treatment. The majority of ESRD patients require chronic treatment with phosphate-binding medicines to lower and maintain serum phosphorus at acceptable levels. Medicare Part D and commercial insurance providers cover most of the healthcare costs for people with ESRD and account for approximately 90 percent of all prescriptions for phosphate binders, with Part D alone representing more than 60 percent of all phosphate binder prescriptions. (Original Source)
Shares of Keryx Biopharmaceuticals closed yesterday at $10.06 . KERX has a 1-year high of $18.48 and a 1-year low of $8.84. The stock’s 50-day moving average is $10.19 and its 200-day moving average is $12.18.
On the ratings front, Keryx Biopharmaceuticals has been the subject of a number of recent research reports. In a report issued on May 5, Maxim Group analyst Jason Kolbert reiterated a Buy rating on KERX, with a price target of $17, which represents a potential upside of 69.0% from where the stock is currently trading. Separately, on May 4, Brean Murray Carret’s Jonathan Aschoff maintained a Buy rating on the stock and has a price target of $26.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Kolbert and Jonathan Aschoff have a total average return of 3.8% and 13.9% respectively. Kolbert has a success rate of 43.8% and is ranked #970 out of 3640 analysts, while Aschoff has a success rate of 58.9% and is ranked #130.
The street is mostly Bullish on KERX stock. Out of 5 analysts who cover the stock, 5 suggest a Buy rating . The 12-month average price target assigned to the stock is $20.80, which represents a potential upside of 106.8% from where the stock is currently trading.
Keryx Biopharmaceuticals Inc is a biopharmaceutical company focused on therapies for patients with renal disease. Its first product is the AuryxiaTM (ferric citrate), an oral, absorbable iron-based compound.