H.C. Wainwright & Co. Believes Keryx Biopharmaceuticals Remains Undervalued
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
|Aug 2014||FBR Capital||Initiates Coverage on||Market Perform|
|Mar 2014||Mizuho Securities||Initiates Coverage on||Buy|
|Mar 2014||Stifel Nicolaus||Maintains||Buy|
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