Boston, MA 08/29/2014 (wallstreetpr) – Several analysts are giving a second thought on their ratings on Keryx Biopharmaceuticals (NASDAQ:KERX). Maxim Group has got a “buy” rating on Keryx stocks. FBR Capital Markets have got a “market perform” rating on Keryx with a price target of $16.00. As of now, Keryx shares are trading well above their target price. Analysts at Mizuho have got more optimistic target on Keryx shares. They have a target of $30.00 for Keryx Biopharmaceuticals. Keryx have got eight “buy” rating and one “hold” rating with a consensus target price of $22.89. The stock has gained more than 30% in last three months.
The performance
Keryx Biopharmaceuticals (NASDAQ:KERX) reported a net loss of $22.4 million comparable to a net loss of $11.4 million in 2Q2013. It included non-compensation expense of $2.6 million done in equity and investment grants. The R&D expenses came at $10.3 million, up by $3.1 million as compared to 2Q2013. Keryx is working on Zerenex development plan and, therefore, the costs related with the capacity expansion and manufacturing of pre-launch inventory led to the higher R&D expenses in 2Q2013.
The G&A expenses came at $12.3 million, up by $8 million as compared to 2Q2013. The expenses related to pre-commercial activities of Zerenex led to the higher G&A expenses. The cash and cash equivalents with short-term investments came at $137.1 million in 2Q2013 comparable to $55.7 million in the last quarter.
The management view
Ron Bentsur, the CEO, talked about the progress made on the review of the NDA. He said that Keryx Biopharmaceuticals (NASDAQ:KERX) have successfully answered to all the CMC related questions asked by the FDA in month of May. They are just one month away from PDUFA action goal date, and FDA has said that Keryx will receive a draft label soon. Keryx is delighted with the progress made with its Zerenex program which will soon make its way in the U.S. markets.
