UPDATE: Stifel Nicolaus Reduces Target to $4 on Keryx Biopharmaceuticals

Stifel Nicolaus cuts its target price from $8 to $4 on Keryx Biopharmaceuticals

as X-PECT trial misses primary endpoint on survival rate, affecting valuation visibility. Stifel Nicolaus says, "Yesterday (April 2), Keryx announced that top-line P3 data from the X-PECT trial evaluating capecitabine ± perifosine failed to meet the primary endpoint of improving median overall survival (OS) in patients (n=468) with metastatic colorectal cancer (mCRC). Although full details haven't yet been disclosed, we believe the X-PECT miss significantly reduces visibility into the ongoing P3 multiple myeloma (

) trial, leaving Zerenex to provide a valuation floor." KERX closed at $1.74 a share on Monday.