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 $16.00.

Analyst Andrew Berens, M.D. states, "We are not buyers of KERX ahead of the September 7 binary event, given the lack of visibility to assess the probability of regulatory success after a three-month approval delay. While FDA delays often lead to approval (76%) in the first review cycle, each event is unique. Additionally, it is difficult to assess the magnitude of the FDA's manufacturing concerns for Zerenex highlighted by management, and manufacturing issues are the most common cause of a delay leading to a denial. We realize KERX is unlikely to remain at current levels but would remain on the sidelines. We see several commercial value propositions for Zerenex following an approval, but the binary event is too material and uncertain, with the long and short risks dwarfing the potential returns."

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 $16.50 yesterday.

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