Zacks Investment Research Downgrades Keryx Biopharmaceuticals, Inc. (KERX) to Sell

Zacks Investment Research cut shares of Keryx Biopharmaceuticals, Inc. (NASDAQ:KERX) from a hold rating to a sell rating in a report released on Thursday.

According to Zacks, “Keryx posted wider than expected loss in the second quarter of 2017 but sales exceeded expectations. The company is making efforts to expand the label of Auryxia. With Auryxia being the only approved product in Keryx’s portfolio, the company is entirely dependent on Auryxia for growth. Auryxia faces stiff competition in the U.S. from existing players, apart from over-the-counter drugs like some calcium carbonate and metal-based products. Apart from competition, Keryx may face strong pricing pressure for Auryxia. However, The  FDA accepted for review the supplemental New Drug Application (sNDA) for Auryxia tablets for the iron-deficiency anemia (IDA) indication and has set the Prescription Drug User Fee Act (PDUFA) target action date on Nov 6, 2017. A potential approval should increase sales. Shares of the company have outperformed the industry year to date.”

Several other research firms have also recently weighed in on KERX. BidaskClub cut Keryx Biopharmaceuticals from a strong-buy rating to a buy rating in a research report on Wednesday, July 19th. Morgan Stanley reissued an equal weight rating and set a $7.00 price objective (up previously from $4.00) on shares of Keryx Biopharmaceuticals in a research report on Tuesday, July 25th. Maxim Group set a $9.00 price objective on Keryx Biopharmaceuticals and gave the stock a buy rating in a research report on Thursday, July 27th. Cowen and Company reissued a market perform rating on shares of Keryx Biopharmaceuticals in a research report on Tuesday, July 25th. Finally, ValuEngine raised Keryx Biopharmaceuticals from a sell rating to a hold rating in a research report on Tuesday, August 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. Keryx Biopharmaceuticals has a consensus rating of Hold and an average price target of $7.48.

Shares of Keryx Biopharmaceuticals (KERX) opened at 7.19 on Thursday. Keryx Biopharmaceuticals has a 52 week low of $4.11 and a 52 week high of $8.38. The firm’s market cap is $853.81 million. The firm’s 50-day moving average price is $7.00 and its 200-day moving average price is $6.49.

Keryx Biopharmaceuticals (NASDAQ:KERX) last posted its quarterly earnings data on Thursday, July 27th. The biopharmaceutical company reported ($0.77) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.60). Keryx Biopharmaceuticals had a negative return on equity of 2,902.87% and a negative net margin of 431.89%. The business had revenue of $15.10 million for the quarter, compared to analyst estimates of $14.51 million. During the same period in the prior year, the firm posted ($0.42) EPS. Keryx Biopharmaceuticals’s revenue for the quarter was up 62.4% on a year-over-year basis. Equities research analysts expect that Keryx Biopharmaceuticals will post ($1.23) EPS for the current fiscal year.

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A number of institutional investors and hedge funds have recently modified their holdings of KERX. Teachers Advisors LLC increased its stake in Keryx Biopharmaceuticals by 3.3% during the fourth quarter. Teachers Advisors LLC now owns 138,874 shares of the biopharmaceutical company’s stock valued at $814,000 after acquiring an additional 4,402 shares during the period. Bank of Montreal Can bought a new position in Keryx Biopharmaceuticals during the first quarter valued at about $434,000. Janney Montgomery Scott LLC increased its stake in Keryx Biopharmaceuticals by 29.1% during the first quarter. Janney Montgomery Scott LLC now owns 66,565 shares of the biopharmaceutical company’s stock valued at $410,000 after acquiring an additional 15,000 shares during the period. Wells Fargo & Company MN increased its stake in Keryx Biopharmaceuticals by 21.3% during the first quarter. Wells Fargo & Company MN now owns 73,926 shares of the biopharmaceutical company’s stock valued at $455,000 after acquiring an additional 12,987 shares during the period. Finally, Parametric Portfolio Associates LLC increased its stake in Keryx Biopharmaceuticals by 60.1% during the first quarter. Parametric Portfolio Associates LLC now owns 192,982 shares of the biopharmaceutical company’s stock valued at $1,189,000 after acquiring an additional 72,436 shares during the period. Hedge funds and other institutional investors own 65.19% of the company’s stock.

Keryx Biopharmaceuticals Company Profile

Keryx Biopharmaceuticals, Inc is a biopharmaceutical company focused on the development of medicines for people with renal disease. The Company is engaged in the manufacture, development and commercialization of products for use in treating human diseases. Its marketed product, Auryxia (ferric citrate), which is an orally available, absorbable, iron-based medicine is approved in the United States for the control of serum phosphorus levels in patients with chronic kidney disease (CKD) on dialysis.

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