Keryx Biopharmaceuticals (NASDAQ:KERX) investors have a smile on their faces Wednesday, after the drug maker announced that the FDA has approved its application for a second drug product contract manufacturer. Patheon Manufacturing Services LLC of Greenville, North Carolina, a leading global provider of pharmaceutical manufacturing services, is now an FDA approved drug product manufacturer of Auryxia®. With FDA approval of this manufacturer, the company has rebuilt supply and will promptly make Auryxia available to wholesalers.
Keryx shares reacted to the news, rising nearly 13% in Wednesday’s trading session.
“We are pleased with today’s approval, as it expands our manufacturing capabilities and capacity,” said Greg Madison, president and chief executive officer of Keryx Biopharmaceuticals. “Getting a second drug product manufacturer approved was an important step to ensuring long-term supply of Auryxia is consistently available to patients.”
Mr. Madison continued, “We are looking forward to attending American Society of Nephrology’s Kidney Week, the global, premier kidney conference. The timing of this conference next week gives us the opportunity to communicate with health care professionals in attendance that Auryxia supply is restored and is once again available for their patients.” (Original Source)
On the ratings front, Keryx has been the subject of a number of recent research reports. In a report issued on October 17, FBR analyst Christopher James reiterated a Hold rating on KERX, with a price target of $7.00, which implies an upside of 50% from current levels. Separately, on August 2, Cowen’s Boris Peaker reiterated a Hold rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Christopher James and Boris Peaker have a yearly average loss of 21.5% and a return of 5.8% respectively. James has a success rate of 27% and is ranked #4041 out of 4186 analysts, while Peaker has a success rate of 38% and is ranked #539.
Keryx Biopharmaceuticals, Inc. engages in the development and commercialization of medicines for the treatment of renal disease. Its products include phosphate-binding medicines, intravenous iron, and other medications.