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

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Oppenheimer reiterated its Outperform rating on KERYX Biopharmaceuticals (NASDAQ: KERX) 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.

Latest Ratings for KERX

DateFirmActionFromTo
Aug 2014FBR CapitalInitiates Coverage onMarket Perform
Mar 2014Mizuho SecuritiesInitiates Coverage onBuy
Mar 2014Stifel NicolausMaintainsBuy

View More Analyst Ratings for KERX
View the Latest Analyst Ratings

Posted-In: OppenheimerAnalyst Color Price Target Analyst Ratings

 

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