UPDATE: Keryx Biopharma (KERX) Patents Strong; JPMorgan Starts at Overweight
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Price: $3.36 --0%
Rating Summary:
6 Buy, 10 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
6 Buy, 10 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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(Updated - June 19, 2013 9:28 AM EDT)
JPMorgan initiated coverage on Keryx Biopharmaceuticals (NASDAQ: KERX) with an Overweight rating and a price target of $13.00. The upgrade is based on potential of Zerenex, Keryx's first-in-class, oral drug candidate for the
treatment of hyperphosphatemia in dialysis patients.
"Hyperphosphatemia is virtually ubiquitous in this population and significantly increases the risk of CV disease/death. Given its ability to also help treat anemia, we think pharmacoeconomic advantages of Zerenex could drive rapid uptake in the price sensitive end stage renal disease (ESRD) market," said analyst Cory Kasimov. "A few key issues have weighed on the stock post positive Phase 3 data, but we have taken a deep dive and are increasingly comfortable with each item (namely IP and iron overload)."
"There has been considerable focus on the length of Zerenex patent protection, given the central method of use patent is set to expire in 2017. We spoke with both KERX's and outside IP counsel and believe the company's suite of manufacturing and composition patents, currently set to expire in 2024, are strong," added Kasimov.
The $13 price target reflects a 65-75% probability of success for Zerenex in ESRD.
For an analyst ratings summary and ratings history on Keryx Biopharmaceuticals (NASDAQ: KERX) click here. For more ratings news on Keryx Biopharmaceuticals click here.
Shares of Keryx Biopharmaceuticals closed at $7.66 yesterday.
JPMorgan initiated coverage on Keryx Biopharmaceuticals (NASDAQ: KERX) with an Overweight rating and a price target of $13.00. The upgrade is based on potential of Zerenex, Keryx's first-in-class, oral drug candidate for the
treatment of hyperphosphatemia in dialysis patients.
"Hyperphosphatemia is virtually ubiquitous in this population and significantly increases the risk of CV disease/death. Given its ability to also help treat anemia, we think pharmacoeconomic advantages of Zerenex could drive rapid uptake in the price sensitive end stage renal disease (ESRD) market," said analyst Cory Kasimov. "A few key issues have weighed on the stock post positive Phase 3 data, but we have taken a deep dive and are increasingly comfortable with each item (namely IP and iron overload)."
"There has been considerable focus on the length of Zerenex patent protection, given the central method of use patent is set to expire in 2017. We spoke with both KERX's and outside IP counsel and believe the company's suite of manufacturing and composition patents, currently set to expire in 2024, are strong," added Kasimov.
The $13 price target reflects a 65-75% probability of success for Zerenex in ESRD.
For an analyst ratings summary and ratings history on Keryx Biopharmaceuticals (NASDAQ: KERX) click here. For more ratings news on Keryx Biopharmaceuticals click here.
Shares of Keryx Biopharmaceuticals closed at $7.66 yesterday.
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