Market Overview

H.C. Wainwright & Co. Believes Keryx Biopharmaceuticals Remains Undervalued

Related KERX
Infoblox Inc Gains On Upbeat Results; The Gap Inc. Shares Decline
UPDATE: Keryx Announces Zerenex LT Phase 3 Results Shows 'Highly Statistically Significant' Change, Met Primary Endpoint

In a report published Friday, H.C. Wainwright & Co. analyst Reni Benjamin reiterated a Buy rating and $19.00 price target on Keryx Biopharmaceuticals (NASDAQ: KERX).

In the report, H.C. Wainwright & Co. noted, “We are reiterating our BUY rating on Keryx Pharmaceuticals and maintaining our 12-month target price of $19, based on a discounted revenues and earnings per share valuation methodology. On yesterday's 2Q earnings call, the company indicated it expects to receive a draft of the Zerenex label from the FDA within days, bolstering our confidence in a potential September approval.

"If Zerenex is approved in the US, meaningful sales will likely occur in 1Q15 given a 12 week post-approval period that management will likely use to ensure patient access to Zerenex. Despite the delay, with $137.1 MM in cash and cash equivalents, the high likelihood of a US approval, a royalty stream from Japanese partner JT Torii expected to begin in 3Q14, and a patent portfolio which bars competition until at least 2024, we believe shares of Keryx remain undervalued and represent upside to the risk-tolerant, long-term investor.”

Keryx Biopharmaceuticals closed on Thursday at $15.80.

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: H.C. Wainwright & Co. Reni BenjaminAnalyst Color Reiteration Analyst Ratings

 

Related Articles (KERX)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Benzinga Professional