Stock Update (NASDAQ:KERX): Keryx Biopharmaceuticals Announces Interruption in Supply of Auryxia® (ferric citrate) and Second Quarter 2016 Financial Results
Keryx Biopharmaceuticals (NASDAQ:KERX) announced that an interruption in the supply of Auryxia® (ferric citrate) tablets is imminent due to a production-related issue converting active pharmaceutical ingredient (API) to finished drug product. Keryx expects to make Auryxia available to patients when supply of Auryxia is back to adequate levels, which Keryx anticipates will be during the fourth quarter of 2016.
“We take our responsibility to patients and the treating community very seriously and recognize the impact this interruption of supply will cause for patients and their healthcare providers,” said Greg Madison, chief executive officer of Keryx Biopharmaceuticals. “Our field-based teams have been doing an outstanding job educating the community on the benefits of Auryxia and will be a critical resource during this supply interruption as we continue to support healthcare providers and their patients with hyperphosphatemia.” (Original Source)
Shares of Keryx Biopharmaceuticals closed last Friday at $7.36. KERX has a 1-year high of $8.11 and a 1-year low of $2.80. The stock’s 50-day moving average is $6.75 and its 200-day moving average is $5.20.
On the ratings front, Keryx has been the subject of a number of recent research reports. In a report issued on July 25, FBR analyst Christopher James reiterated a Buy rating on KERX, with a price target of $13, which represents a potential upside of 76.6% from where the stock is currently trading. Separately, on July 18, Morgan Stanley’s Andrew Berens 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, Christopher James and Andrew Berens have a total average return of -16.7% and 1.2% respectively. James has a success rate of 36.8% and is ranked #3975 out of 4085 analysts, while Berens has a success rate of 54.8% and is ranked #1858.
Keryx Biopharmaceuticals, Inc. is a biopharmaceutical company. It engages in the acquisition, development and commercialization of pharmaceutical products for the treatment of renal disease. It develops Zerenex, an oral, ferric iron-based compound that has the capacity to bind to phosphate in the gastrointestinal tract and form non-absorbable complexes.