Zacks Investment Research Downgrades Keryx Biopharmaceuticals, Inc. (KERX) to Sell

Zacks Investment Research cut shares of Keryx Biopharmaceuticals, Inc. (NASDAQ:KERX) from a hold rating to a sell rating in a report issued on Friday morning.

According to Zacks, “Keryx posted wider than expected loss in the second quarter of 2017 but sales exceeded expectations.  With Auryxia being the only approved product in Keryx’s portfolio, the company is entirely dependent on Auryxia for growth. Auryxia faces stiff competition in the U.S. from existing players, apart from over-the-counter drugs like some calcium carbonate and metal-based products. Apart from competition, Keryx may face strong pricing pressure for Auryxia. However, the company is making efforts to expand the label of Auryxia. The  FDA accepted for review the supplemental New Drug Application (sNDA) for Auryxia tablets for the iron-deficiency anemia (IDA) indication and has set the Prescription Drug User Fee Act (PDUFA) target action date on Nov 6, 2017. A potential approval should increase sales. Shares of the company have outperformed the industry year to date.”

Several other research firms also recently weighed in on KERX. ValuEngine upgraded Keryx Biopharmaceuticals from a sell rating to a hold rating in a research report on Tuesday, August 1st. BidaskClub downgraded Keryx Biopharmaceuticals from a hold rating to a sell rating in a research report on Tuesday, August 8th. Cowen and Company reiterated a hold rating on shares of Keryx Biopharmaceuticals in a research report on Saturday, June 17th. Maxim Group set a $9.00 target price on Keryx Biopharmaceuticals and gave the stock a buy rating in a research report on Thursday, July 27th. Finally, Morgan Stanley reiterated an equal weight rating and set a $7.00 target price (up from $4.00) on shares of Keryx Biopharmaceuticals in a research report on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $7.48.

Shares of Keryx Biopharmaceuticals (NASDAQ KERX) opened at 7.32 on Friday. The company’s 50 day moving average price is $7.01 and its 200-day moving average price is $6.44. The firm’s market capitalization is $869.25 million. Keryx Biopharmaceuticals has a 12 month low of $4.11 and a 12 month high of $8.38.

Keryx Biopharmaceuticals (NASDAQ:KERX) last issued its quarterly earnings data on Thursday, July 27th. The biopharmaceutical company reported ($0.77) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by $0.60. Keryx Biopharmaceuticals had a negative net margin of 431.89% and a negative return on equity of 2,902.87%. The company had revenue of $15.10 million during the quarter, compared to analysts’ expectations of $14.51 million. During the same quarter in the prior year, the company earned ($0.42) earnings per share. The firm’s revenue was up 62.4% compared to the same quarter last year. On average, equities analysts predict that Keryx Biopharmaceuticals will post ($1.23) earnings per share for the current fiscal year.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Stifel Financial Corp raised its holdings in shares of Keryx Biopharmaceuticals by 11.5% in the 1st quarter. Stifel Financial Corp now owns 33,736 shares of the biopharmaceutical company’s stock worth $207,000 after purchasing an additional 3,478 shares during the period. Janney Montgomery Scott LLC raised its holdings in shares of Keryx Biopharmaceuticals by 29.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 66,565 shares of the biopharmaceutical company’s stock worth $410,000 after purchasing an additional 15,000 shares during the period. Parametric Portfolio Associates LLC raised its holdings in shares of Keryx Biopharmaceuticals by 60.1% in the 1st quarter. Parametric Portfolio Associates LLC now owns 192,982 shares of the biopharmaceutical company’s stock worth $1,189,000 after purchasing an additional 72,436 shares during the period. Bank of Montreal Can purchased a new position in shares of Keryx Biopharmaceuticals in the 1st quarter worth about $434,000. Finally, Wells Fargo & Company MN raised its holdings in shares of Keryx Biopharmaceuticals by 21.3% in the 1st quarter. Wells Fargo & Company MN now owns 73,926 shares of the biopharmaceutical company’s stock worth $455,000 after purchasing an additional 12,987 shares during the period. Hedge funds and other institutional investors own 65.19% of the company’s stock.

Keryx Biopharmaceuticals Company Profile

Keryx Biopharmaceuticals, Inc is a biopharmaceutical company focused on the development of medicines for people with renal disease. The Company is engaged in the manufacture, development and commercialization of products for use in treating human diseases. Its marketed product, Auryxia (ferric citrate), which is an orally available, absorbable, iron-based medicine is approved in the United States for the control of serum phosphorus levels in patients with chronic kidney disease (CKD) on dialysis.

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