Oppenheimer Positive on Keryx Biopharm. (KERX), Says Market Undervaluing Zerenex
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Price: $3.36 --0%
Rating Summary:
6 Buy, 10 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 11 | New: 13
Rating Summary:
6 Buy, 10 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 11 | New: 13
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Oppenheimer commented on Keryx Biopharmaceuticals (NASDAQ: KERX), saying the market is undervaluing Zerenex due to concerns about pricing pressures from generic Renagel and bundled reimbursement anticipated in 2014.
The analyst comments, "We looked closely at the potential generic pricing pressure using data from government agencies as well as market analysis, and we believe that our pricing assumption of $2,500/ptn yr is justifiable. We believe that the clinical risk associated with Zerenex is relatively low, and once the Phase III is completed (around year-end), investors may revisit the commercial potential of Zerenex. In our view, management's recent stock purchases further support our analysis and estimates."
The firm maintained their Outperform rating and price target of $3.00.
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 $1.71 yesterday.
The analyst comments, "We looked closely at the potential generic pricing pressure using data from government agencies as well as market analysis, and we believe that our pricing assumption of $2,500/ptn yr is justifiable. We believe that the clinical risk associated with Zerenex is relatively low, and once the Phase III is completed (around year-end), investors may revisit the commercial potential of Zerenex. In our view, management's recent stock purchases further support our analysis and estimates."
The firm maintained their Outperform rating and price target of $3.00.
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 $1.71 yesterday.
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