J.P. Morgan Reiterates Positive Outlook On Keryx Biopharmaceuticals Following 4Q14 Update

J.P. Morgan’s healthcare analyst Cory Kasimov weighed in today with a few insights on Keryx Biopharmaceuticals (NASDAQ:KERX), after the company released its fourth-quarter financial results and provided a corporate update. The analyst rates the stock an Overweight with a $24 price target, which implies an upside of 103% from current levels.

Kasimov stated, “The company provided a lot of color on the reimbursement/commercial front, noting everything is proceeding as planned and early feedback from key stakeholders has been positive. While management expects continued wk/wk growth in scripts early on, they expect more meaningful growth to start in 2H15 with greater access on a reimbursement front. This is in line with our thinking that 2015 could be a tale of two halves (slow launch in 1H/better traction and data in 2H).”

Furthermore, “While early Rx numbers have been a recent point of focus/weakness, we do not think that there were expectations that Auryxia would fly off the shelves day 1 given the complicated dynamics in the dialysis market, and our 2015 rev estimate of $48M is unchanged. Bottom line, we’re anxious to see how Auryxia’s pharmacoeconomic benefits resonate in the real world and drive use in the highly price sensitive dialysis market.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Cory Kasimov has a total average return of 15.5% and a 62.7% success rate. Kasimov has a 31.4% average return when recommending KERX, and is ranked #352 out of 3483 analysts.

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