Market Overview

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

Related KERX
Mid-Day Market Update: Crude Oil Up 2.7%; MannKind Shares Spike Higher
Mid-Day Market Update: Omega Protein Surges On Acquisition News; Alliqua Biomedical Shares Drop

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

Jul 2017Morgan StanleyMaintainsEqual-Weight
Jan 2017CitigroupUpgradesSellNeutral
Nov 2016Maxim GroupUpgradesHoldBuy

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)

View Comments and Join the Discussion!

Partner Center