Maxim Lifts Price Target On Keryx Biopharmaceuticals (KERX); Here’s Why
In a research report published Friday, Maxim analyst Jason Kolbert reiterated a Buy rating on shares of Keryx Biopharmaceuticals (NASDAQ:KERX), while raising the price target to $9.00 (from $7.00), which implies an upside of 24.5% from current levels.
Kolbert explained, “We spoke with management and left our conversation upbeat. The new salesforce—95 reps and 11 regional managers, with the majority (2/3) being new—is now in place and should be having an impact. This, combined with recent positive news flow (CKD trial), should begin to translate into quarterly revenue growth. While we are not changing our model projections, we are lowering our risk (r) value to 15%. The result is that our price target climbs.” The analyst concluded, “Sales expectations are beginning to rise and this should be further enhanced with a new label in 2017.”
As usual, we recommend taking analyst notes with a grain of salt. They are often successful in moving the stock price, but you always need to take things into perspective. According to TipRanks.com, analyst Jason Kolbert has a yearly average return of -15.5% and a 30.5% success rate. Kolbert has a -23.3% average return when recommending KERX, and is ranked #3932 out of 4018 analysts.
Out of the 10 analysts polled by TipRanks, 4 rate Keryx stock a Buy, 4 rate the stock a Hold and 2 a recommend Sell. With a downside potential of 10%, the stock’s consensus target price stands at $6.50.
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