Maxim Reiterates Buy On Keryx Following OLE 48-Week Data for Ferric Citrate
In a research note issued today, Maxim Group analyst Jason Kolbert reiterated a Buy rating on Keryx Biopharmaceuticals (NASDAQ:KERX) with a $26 price target, as the company announced results from a 48-week open label extension (OLE) safety study, in which ferric citrate demonstrated long-term safety and efficacy in dialysis-dependent chronic kidney disease (CKD) patients with elevated serum phosphorus levels, or hyperphosphatemia.
Kolbert noted, “The results are consistent with those seen in the pivotal Phase 3 trial.” He added, “An abstract regarding the pharmacoeconomic impact of ferric citrate entitled “Phosphorus Binding with Ferric Citrate is Associated with Reduced Hospitalizations and Costs for Cardiac Gastrointestinal and Infection-Related Causes” was presented. It showed that patients treated with ferric citrate had lower hospitalization rates and costs related to cardiac, gastrointestinal, and infection-related events than patients on sevelamer carbonate and/or calcium acetate.”
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 38.9% success rate. Kolbert has a 3.7% average return when recommending KERX, and is ranked #665 out of 3376 analysts.