UPDATE: Oppenheimer Raises PT to $11 on KERYX Biopharmaceuticals; Zerenex Study Beats Expectations

Oppenheimer reiterated its Outperform rating on KERYX Biopharmaceuticals

and raised the price target from $3.00 to $11.00. Oppenheimer commented, "The results of the Long-Term Phase III study are significant and top-line data exceeded our expectations. Our prior base-case assumption was for minimal IV iron reduction and no reduction in ESA. The results showed a 52% decrease in cumulative IV iron use as well as a 27% decrease in median ESA intake. Both of these reductions of injectable drugs were statistically significant. As such, we believe that there is a good probability that these secondary endpoints will be included in Zerenex's final label." KERYX Biopharmaceuticals closed at $6.06 on Monday.