FBR Remains Sidelined on Keryx Biopharmaceuticals (KERX) Following Analysis of Kidney Week Abstracts

On October 14th, the American Society of Nephrology (ASN) released the “Kidney Week Abstracts,” including five abstracts from Keryx Biopharmaceuticals’ (NASDAQ:KERX) Aurxyia (ferric citrate) in patients with non-dialysis-dependent chronic kidney disease and iron deficiency.

Upon analysis of the abstracts, FBR analyst Christopher James has concluded the following key takeaways, “(1) Based on efficacy and safety data provided in the key abstracts, we think Auryxia will be approved in this indication; (2) due to high rates of gastrointestinal (GI) disorders in the study, we think long-term tolerability could be an issue; (3) we remain keenly focused on the manufacturing issues with Auryxia and its potential impact on the franchise; (4) finally, we view the upcoming November 13 PDUFA date as a potentially significant catalyst, leading us to become more constructive on KERX shares. However, we remain on the sidelines at this time due to manufacturing uncertainties.”

As such, the analyst reiterates a Market Perform rating on shares of KERX with a $7.00 price target, which represents a 50% increase from where the stock is currently trading.

As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks, analyst Christopher James is ranked #4,025 out of 4,180 analysts. James has a 38% success rate and faces a loss of 10.9% in his annual returns. When recommending KERX, James loses 19.6% in average profits on the stock.

TipRanks analytics demonstrate KERX as a Buy. Based on 7 analysts polled in the last 3 months, 2 rate a Buy on KERX, while 5 maintain a Hold. The 12-month price target stands at $9.00, marking a 90% upside from where the shares last closed.screen-shot-10-17-16-at-06-34-pm

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