Cowen says $11 I believe....
I take it that you think that the trial will fail Share?
Their open jobs postings certainly do not look like a company that is getting a rejection notice.
Check out the Street.com and also under KITE and JUNO news.
Per his Year-End Summary Report:
In the case of Keryx, we purchased our initial position at an average price of $14.50 per share based on what turned out to be an overestimation of initial prescriptions for Auryxia, the company’s approved drug to control phosphorous levels in dialysis patients. While we remain confident in the long-term potential of Auryxia, and, thereby, our investment in Keryx, the slower sales ramp through 2015 did have a modestly negative impact on our estimate of intrinsic value. The market, however, took a much harsher view and punished the stock, driving it down to almost 70% in less than three months from about $10 to almost $3 a share. Although this certainly was not good news for our mark-to-market P&L, we believe it was a significant overreaction, and we were able to take advantage of the opportunity by investing additional capital on a private basis at what we believe is an incredibly attractive valuation. This, of course, is a great illustration of the fact that even in circumstances when we reduce our own expectations, price declines can far exceed what we judge to be warranted.