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UPDATE: J.P. Morgan Reiterates on Keryx Biopharmaceuticals on Model Update After Positive NDD-CKD Data


In a report published Thursday, J.P. Morgan analyst Cory Kasimov reiterated an Overweight rating on Keryx Biopharmaceuticals (NASDAQ: KERX), and raised the price target from $14.00 to $22.00.

In the report, J.P. Morgan noted, “Yesterday's impressive data in NDD-CKD patients highlights Zerenex's differentiated clinical profile relative to other phosphate binders, showing impressive efficacy across a range of measures. Not only did it have a significant effect on serum phosphorus, but also iron storage parameters, Hb, and FGF-23. Based on the data and management's comments on the conference call, we are updating our model to 1) include a higher WAC at launch and 2) to include a NDD-CKD revenue model from an iron supplement perspective rather than a phosphate binder. In ESRD, we remain confident in Zerenex approval (June 7th PDUFA) and successful launch thereafter (whether or not it's partnered). Reiterate OW; raising price target to $22.”

Keryx Biopharmaceuticals closed on Wednesday at $14.28.

Latest Ratings for KERX

Nov 2018Raymond JamesDowngradesOutperformMarket Perform
Aug 2018CitigroupMaintainsNeutralNeutral
Jun 2018Maxim GroupDowngradesBuyHold

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