Maxim Raises Keryx Biopharmaceuticals Price Target As KOLs Give Strong Endorsement To Auryxia
In a research report sent to investors today, Maxim Group analyst Jason Kolbert reiterated a Buy rating on Keryx Biopharmaceuticals (NASDAQ:KERX) and raised his price target to $32 (from $26), which implies an upside of 101% from current levels.
Kolbert wrote, “Last week we attended a meeting where nephrology KOLs discussed the the benefits of Auryxia, the new brand name for Keryx’s Ferric Citrate. The KOLs explained the market for kidney disease, dialysis, and phosphate binders. We believe Auryxia will transform renal dialysis based on its efficacy, reduction in other drug use, and cost effectiveness.”
The analyst explained his new price target, “Our price target is based on the average of of our FCFF, DCF, and SOP models, We use a discount rate of 30%, which we believe is conservative, to drive our new $32.00 target, suggesting even more upside exists as risk goes down (as adoption is realized).”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason Kolbert has a total average return of 5.6% and a 43.5% success rate. Kolbert has a 7.1% average return when recommending KERX, and is ranked #658 out of 3388 analysts.