FBR Capital Upgrades Keryx Biopharmaceuticals (KERX) to Outperform

FBR Capital upgraded Keryx Biopharmaceuticals (NASDAQ: KERX) from Market Perform to Outperform with a price target of $10.00.

Analyst Christopher James commented, "We are upgrading KERX shares to Outperform from Market Perform, based on our valuation of the shares relative to current price levels, and maintaining our current price target of $10. On February 25, Keryx Biopharmaceuticals announced 4Q15 EPS of ($0.36), versus the Street's estimate of ($0.25) and our estimate of ($0.27). The greater-than-expected loss was driven by interest expense related to the amortization of its convertible debt. Management hosted a conference call to discuss its financial results and provide an update on Auryxia (ferric citrate) commercial efforts and label expansion in pre-dialysis patients with iron deficiency anemia (IDA). We provide the following takeaways from the call: (1) We expect data from the Phase III study in IDA patients to read out in early 2Q16, with a potential regulatory filing in 3Q16; (2) prescription volume for Auryxia grew approximately 46% over the quarter, driven by growth in non-IMS channels; and (3) the European strategy for Fexeric (ferric citrate) will likely be executed through a series of regional partnerships as opposed to a pan-European partnership. We believe 2016 will be a year of meaningful Auryxia sales and remain focused on potential label expansion."

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 $3.64 yesterday.

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