Keryx Biopharmaceuticals (NASDAQ:KERX), a biopharmaceutical company focused on bringing innovative medicines to market for people with renal disease, announced appointment of two industry leaders to Keryx’s board of directors, which increases the size of the company’s board to 10 members. These appointments are expected to bring deep, relevant industry experience to Keryx at an important time in the company’s growth.
On March 31, 2016, Steven C. Gilman, Ph.D., and Michael Rogers were elected as independent directors to Keryx’s board of directors, effective immediately. Dr. Gilman brings broad scientific and development expertise to Keryx’s board having led or built several successful R&D organizations; he served most recently, for seven years, as chief scientific officer at Cubist Pharmaceuticals until its acquisition by Merck & Co. Mr. Rogers has been the chief financial officer of Acorda Therapeuticssince October 2013 and brings to Keryx valuable experience from his two decades of financial leadership in the biotech industry.
Four current board members, Michael Tarnok, Jack Kaye, Senator Wyche Fowler, Jr. and Joseph Feczko, M.D. will not seek re-election to the company’s Board when their terms expire at Keryx’s 2016 Annual Meeting in May. Following conclusion of the annual meeting, Keryx will reduce the size of the company’s board to six members. Additionally, John P. Butler, an independent director, was elected by the Board to serve as chairman, a role he will assume beginning at Keryx’s 2016 Annual Meeting.
“We are pleased to have attracted such accomplished industry professionals to our board and look forward to gaining insights from Steve and Michael as the company continues its ongoing evolution,” said Mr. Butler. “We believe the new members reflect our commitment to advancing the organization and, as Keryx continues to grow, we will look for opportunities to add further complementary expertise to our board. On behalf of the entire board I would like to thank Mike, Jack, Wyche and Joe for their long and valuable service, and their important contributions in guiding Keryx to its current position as a fully integrated biopharmaceutical company.”
“It is with great enthusiasm that I join the board of Keryx,” said Steve Gilman, Ph.D. “With the positive read out of the phase 3 study that evaluated ferric citrate for the treatment of iron deficiency anemia in stage 3 – 5 chronic kidney disease patients, the company is well positioned for significant growth.”
Michael Rogers added, “With a strong commercial infrastructure in place and a potential label expansion for the company’s current product, Keryx’s future is bright. I look forward to helping guide the company as it drives Auryxia to its full potential and leverages the solid foundation it now has in place.” (Original Source)
Shares of Keryx are currently trading at $4.61, down $0.06 or -1.28%. KERX has a 1-year high of $12.68 and a 1-year low of $2.80. The stock’s 50-day moving average is $4.30 and its 200-day moving average is $4.35.
On the ratings front, Keryx has been the subject of a number of recent research reports. In a report issued on March 29, Maxim Group analyst Jason Kolbert reiterated a Buy rating on KERX, with a price target of $7, which represents a potential upside of 49.9% from where the stock is currently trading. Separately, on March 28, Cowen’s Boris Peaker reiterated a Hold rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Kolbert and Boris Peaker have a total average return of -15.7% and 12.1% respectively. Kolbert has a success rate of 29.9% and is ranked #3772 out of 3775 analysts, while Peaker has a success rate of 45.1% and is ranked #231.
Keryx Biopharmaceuticals, Inc. engages in the development and commercialization of medicines for the treatment of renal disease. Its products include phosphate-binding medicines, intravenous iron, and other medications. The company was founded in October 1998 and is headquartered in Boston, MA.