UPDATE: Oppenheimer Raises PT to $11 on KERYX Biopharmaceuticals; Zerenex Study Beats Expectations
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
|Nov 2014||Maxim Group||Maintains||Buy|
|Aug 2014||FBR Capital||Initiates Coverage on||Market Perform|
|Mar 2014||Mizuho Securities||Initiates Coverage on||Buy|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.