Keryx Biopharmaceuticals (NASDAQ:KERX), a biopharmaceutical company focused on bringing innovative therapies to market for people with renal disease, today announced that John P. Butler has been appointed as a new independent director to its board of directors pursuant to the company’s financing transaction with The Baupost Group, L.L.C., effective immediately. Mr. Butler is an industry veteran with significant experience in guiding corporate strategy.
“I am pleased to welcome John to our Board, as he brings extensive strategic knowledge derived from his successful career at Genzyme as president of its renal business,” said Michael Tarnok, chairman of Keryx’s board of directors. “John’s long track record of success commercializing medicines for patients with kidney disease and his global view will certainly prove valuable as we advance the Auryxia™ franchise and build a leading renal business.”
“I believe that there is a significant need for innovative therapies that improve the lives of people with kidney disease,” said Mr. Butler. “I believe Auryxia has that potential, and I am excited to work with Keryx’s management team and board to realize this vision and create value for our shareholders.”
Mr. Butler has more than 25 years of biotech and pharmaceutical industry experience. He has served as the president and chief executive officer of Akebia Therapeutics, Inc. since September 2013. From October 2011 to April 2013, Mr. Butler was the chief executive officer of Inspiration Biopharmaceuticals where he led the successful sale of the company’s assets for a total aggregate consideration that could exceed $1 billion. Prior to Inspiration, Mr. Butler held various positions atGenzyme Corporation, now Sanofi, from 1997 to July 2011, including president of the company’s rare genetic disease business. Notably, he also served as president, general manager of Genzyme’s Renal Division, which grew from $150 million to more than $1 billion in revenue under his leadership. Prior to Genzyme, Mr. Butler held various positions of increasing responsibility atAmgen Inc. John is an active member of the renal community and has served on several non-profit boards, including chairman of the board of trustees for the American Kidney Fund. Mr. Butler received a B.A. in Chemistry from Manhattan College and an M.B.A. from Baruch College. (Original Source)
Shares of Keryx Biopharmaceuticals closed yesterday at $4.50, down $0.15 or -3.23%. KERX has a 1-year high of $16.08 and a 1-year low of $3.04. The stock’s 50-day moving average is $5.01 and its 200-day moving average is $6.62.
On the ratings front, Keryx has been the subject of a number of recent research reports. In a report issued on October 29, Brean Murray Carret analyst Jonathan Aschoff maintained a Buy rating on KERX, with a price target of $18, which represents a potential upside of 300.0% from where the stock is currently trading. Separately, on October 19, FBR’s Christopher James reiterated a Hold rating on the stock and has a price target of $10.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jonathan Aschoff and Christopher James have a total average return of -3.7% and -17.8% respectively. Aschoff has a success rate of 40.6% and is ranked #3413 out of 3637 analysts, while James has a success rate of 33.3% and is ranked #3503.
Overall, one research analyst has rated the stock with a Sell rating, 3 research analysts have assigned a Hold rating and 3 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $3.00 which is -33.3% under where the stock closed yesterday.
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.