Keryx Biopharmaceuticals (NASDAQ:KERX) announced the appointment of Scott A. Holmes to Chief Financial Officer effective immediately. Mr. Holmes will be responsible for Keryx’s finance function and will be a member of the company’s executive team. He will succeed James Oliviero whose planned departure was announced earlier this year. Mr. Oliviero will stay with the company through a transition period.
“I am delighted to have Scott join Keryx at this stage of our company’s development,” said Greg Madison, chief executive officer of Keryx. “Following a thorough search, it became clear that Scott’s track record of success in building and leading finance organizations at both development-stage and commercial companies would be an asset to us as we continue to grow and mature. Scott’s commercial experience and financial expertise will be critical as we address the significant opportunities ahead for Auryxia™ and build a market-leading renal business.”
“I’m fortunate to join Keryx and welcome the opportunity to work with an outstanding team with a deep understanding of renal disease and the market,” said Mr. Holmes. “Keryx has entered an important period as it advances the launch of Auryxia in the U.S. and prepares for the Phase 3 data readout to potentially expand into another indication. I am committed to working with Greg and the entire Keryx team to ensure that our business decisions are grounded in a solid financial strategy and position us to realize the company’s full potential.”
Mr. Holmes brings nearly 20 years of life sciences and financial management expertise to Keryx. He joins the company from AMAG Pharmaceuticals where he most recently served as senior vice president, finance and investor relations during a period of high growth driven by acquisitions and public financings. Prior to AMAG, from 2009 to 2011, he was vice president of finance and treasurer of Molecular Biometrics Inc., a commercial stage medical diagnostics company and vice president of finance & administration of On-Q-ity Inc., an oncology diagnostics company. Prior to 2009, he spent five years at Dynogen Pharmaceuticals, Inc., a privately held pharmaceutical company, where he was vice president finance & administration and treasurer. Earlier in his career, Mr. Holmes served as the controller at Keryx Biopharmaceuticals and was a senior auditor with Ernst & Young, LLP. He earned his Certified Public Accountant certificate in the Commonwealth of Massachusetts and holds a dual M.S/M.B.A degree from Northeastern University Graduate School of Business Administration and B.A. in History from Middlebury College. (Original Source)
Shares of Keryx Biopharmaceuticals closed last Friday at $7.84. KERX has a 1-year high of $18.48 and a 1-year low of $7.67. The stock’s 50-day moving average is $9.79 and its 200-day moving average is $11.45.
On the ratings front, Keryx has been the subject of a number of recent research reports. In a report issued on July 24, Maxim Group analyst Jason Kolbert reiterated a Buy rating on KERX, with a price target of $17, which represents a potential upside of 116.8% from where the stock is currently trading. Separately, on July 23, Cowen’s Boris Peaker downgraded the stock to Hold and has a price target of $18.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Kolbert and Boris Peaker have a total average return of -2.9% and 34.1% respectively. Kolbert has a success rate of 35.8% and is ranked #3519 out of 3712 analysts, while Peaker has a success rate of 56.8% and is ranked #42.
The street is mostly Bullish on KERX stock. Out of 5 analysts who cover the stock, all the 5 suggest a Buy rating. The 12-month average price target assigned to the stock is $20.80, which represents a potential upside of 165.3% 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.