BTIG Cuts Keryx Biopharmaceuticals (KERX) to Sell

BTIG earlier downgraded Keryx Biopharmaceuticals (NASDAQ: KERX) from Neutral to Sell with a price target of $3.50. The change follows Q2 results. Analyst Hartaj Sing pointed out revenue weakness.

"We are downgrading Keryx from a Neutral to a Sell with a $3.50 price target after the company reported meager Auryxia revenues of $1.8m for 2Q15, below consensus expectations of $2-3m; this after consensus expectations for 2Q15 were $21m at the beginning of 2015. As a result we are reducing our 2015-19e sales estimates for Auryxia by 20-35% and reducing peak sales estimates by 1/3. We do not expect the company to be profitable until 2018. With no pipeline, a cash runway until mid/3Q16 and no partner other than in Japan, the set-up is about as binary as we have ever seen. We would urge investors to look elsewhere," said Sing.

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 $7.51 yesterday.

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