Analysts Positive On Keryx Biopharmaceuticals (NASDAQ:KERX)
Keryx Biopharmaceuticals (NASDAQ:KERX) has been recently witnessing its share price upgraded by lot of research analysts as the biotech firm’s Zerenex continues to prove its efficacy in many clinical trials. The phosphate binder Zerenex is claimed to an approvable drug, which is likely to get an approval from the FDA by June 7, in 2014.
Most recently, the company’s stocks received a positive rating from JPMorgan Chase & Co. Analyst at JPMorgan Chase & Co reaffirmed an “overweight” rating on Keryx Biopharmaceuticals stock, and upped the price target to $22.00 from $14.00.
JP Morgan released a statement saying that the analyst firm remains confident enough in Zerenex approval on June 7th PDUFA and successful launch thereafter.
In June this year, J.P. Morgan analyst initiated coverage on Keryx Biopharmaceuticals with an overweight rating and a $13 price target. That time, J.P Morgan stated that it has initiated the KERX coverage based on the potential of its drug.
Apart from that, Brean Capital also reiterated a “buy” rating on the company’s shares; JMP Securities reiterated an “outperform” rating; Ladenburg Thalmann analysts upped their price target on Keryx’s shares from $15.00 to $19.00, giving a “buy” rating to the company. Other than that, 10 analysts have given a buy rating on Keryx Biopharmaceuticals’s stocks. Currently, the company has an average rating of Buy and $14.11 as consensus price target.
Last week, Keryx Biopharmaceuticals reported a net loss for the third quarter of $15.7 million, or $0.19 per share, versus a net loss of $5.5 million, or $0.08 per share, a year ago. As on September 30, 2013, Keryx Biopharmaceuticals had cash, cash equivalents and interest receivable of approximately $67.9 million, compared to $14.7 million at December 31, 2012.
Rival like Pharmacyclics, Inc.(NASDAQ:PCYC) is also one of the examples that earned multi-billion dollar valuations for its lead compound, prior to approval, based on strong clinical trial evidence.