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UPDATE: MLV & Co Raises PT On Keryx Biopharmaceuticals On Additional Auryxia Growth Potential

Dwight Einhorn

In a report published Wednesday, MLV & Co analyst George B. Zavoico reiterated a Buy rating on Keryx Biopharmaceuticals (NASDAQ: KERX), and raised the price target from $21.00 to $25.00.

In the report, MLV & Co noted, “We are raising our price target for Keryx Biopharmaceuticals, Inc. to $25.00 (from $21.00 previously) based on an increasing likelihood of Auryxia's approval for NDD-CKD patients in the U.S., and Auryxia's successful market launch for dialysis patients marked by the first shipments of Auryxia™ (ferric citrate) to wholesalers late last year. We revised our projections to include approval and sales of Auryxia in the U.S. and sales royalty in the E.U. and Japan. With Auryxia's U.S. launch in December, Keryx will be recognizing revenue on a sell-through basis (as prescriptions are filled) for the first 12 months that we project as a modest ramp up in 2015. As the clinical advantages of Auryxia over other phosphate binders become more widely known and prescription growth patterns emerge, we project more rapid revenue growth in 2016 and beyond (at which time sales to distributors will be recognized). We are maintaining our BUY recommendation.”

Keryx Biopharmaceuticals closed on Tuesday at $13.11.

Latest Ratings for KERX

Date Firm Action From To
Nov 2014 Maxim Group Maintains Buy
Aug 2014 FBR Capital Initiates Coverage on Market Perform
Mar 2014 Mizuho Securities Initiates Coverage on Buy

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