FBR Capital Starts Keryx Biopharmaceuticals (KERX) at Market Perform

FBR Capital initiates coverage on Keryx Biopharmaceuticals (NASDAQ: KERX) with a Market Perform rating and a price target of $10.00.

Analyst Christopher S. James commented, "Keryx is a commercial-stage company that markets Auryxia (ferric citrate) for the treatment of hyperphosphatemia—abnormally high phosphate levels in the blood—in chronic kidney disease (CKD) patients on dialysis. In 2015, Keryx's focus has been on execution, with reimbursement and gaining broad unrestricted access to patients on dialysis in particular. With several new plans coming on board, the company now has 65% unrestricted access across Part D and commercial payers. While we view Auryxia as a highly differentiated product that could potentially achieve broad use by nephrologists, we do not anticipate significant prescription growth until after the company achieves its goal of reaching 80% access. That said, we see two additional opportunities for long-term growth through geographic and label expansion. We view the early launch as largely successful but think the majority of 2015 will be spent setting the stage for meaningful and sustainable sales growth in 2016. Furthermore, we think that 2015 sales are largely priced into the stock and that KERX is likely to trade range-bound over the near to medium term. "

For an analyst ratings summary and ratings history on Keryx Biopharmaceuticals click here. For more ratings news on Keryx Biopharmaceuticals click here.

Shares of Keryx Biopharmaceuticals closed at $6.27 yesterday.

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