FBR Capital analyst Christopher James weighed in with a few insights on Keryx Biopharmaceuticals (NASDAQ:KERX), after the drug maker announced that the FDA granted approval for the second Auryxia contract manufacturer ahead of the November 13 PDUFA date. Shares of Keryx are currently trading at $6.24, up $0.62 or 11.03%.
James commented, “Keryx has been manufacturing Auryxia at the second CMO at risk, pending the regulatory approval. Although we are pleased to hear that the supply will be restored in the near future, we remain focused on Keryx’s strategy to restore its market share and look forward to the 4Q16 sales numbers.”
“We expect a strong presence from Keryx at the American Society of Nephrology meeting in Chicago next week, with five abstracts accepted for presentation. We remind investors that four of five abstracts are focused on the pivotal Phase III data with ferric citrate for the treatment of IDA in adult patients with stage 3–5 non–dialysis dependent CKD. We have previewed the abstracts in our previous note and look forward to additional data,” the analyst added.
James reiterated a Market Perform rating on shares of Keryx, with a price target of $7.00, which represents a potential upside of 13% from where the stock is currently trading.
As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Christopher James has a yearly average loss of 15.4% and a 30% success rate. James has a 19.6% average loss when recommending KERX, and is ranked #4053 out of 4200 analysts.
Out of the 9 analysts polled by TipRanks, 6 rate Keryx Biopharmaceuticals stock a Hold, while 3 rate the stock a Buy. With a return potential of 33%, the stock’s consensus target price stands at $8.25.