UPDATE: JMP Securities Reiterates Market Outperform Rating, Raises PT on Keryx Biopharmaceuticals on Blockbuster Potential Growing for Zerenex

In a report published Monday, JMP Securities analyst Michael G. King Jr. reiterated a Market Outperform rating on

, and raised the price target from $14.00 to $22.00. In the report, JMP Securities noted, “We reiterate our Market Outperform rating on Keryx shares and raise our price target to $22 from $14; based on rising Zerenex sales forecasts in our DCF and comparable company valuation methodologies. In light of recent data released by KERX and its Japanese collaborator, JT Torii, we were compelled to revise our projections upward for Zerenex market penetration in end-stage renal disease (ESRD). Further, we have incorporated estimates for non-dialysis dependent chronic kidney disease (NDD-CKD) patients into the model for the first time, albeit with a conservative discount rate (30%).” Keryx Biopharmaceuticals closed on Friday at $10.64.