Maxim Raises Keryx Price Target To $26 Following Ferric Citrate Pricing


In a research report issued today, Maxim Group analyst Jason Kolbert reiterated a Buy rating on Keryx Biopharmaceuticals (NASDAQ:KERX) and slightly raised his price target to $26, as the company announced pricing for its ferric citrate at $4.21 per tablet. A full dose of eight tablets per day, 365 days per year, would give a full-compliance price of $12,293 per patient per year.

Kolbert noted, “We have made several revisions to models to take into consideration the current pricing. The result is that we are raising our price target to $26.” The analyst added, “Our revenue projections are based on a starting dose of six pills per day, with patients titrating up to eight pills per day over time. We assume a 25% discount from the list price to the net revenues to the company for an average realized price of $7,500 per year. We expect this net price to increase over time, as the mix of patients includes more refills at full dosage and a higher annual cost. Our estimate remains at $96 million for FY2015.”

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 9.7% and a 48.5% success rate. Kolbert has a 11.3% average return when recommending KERX, and is ranked #328 out of 3310 analysts.

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