Maxim Group upgraded Keryx Biopharmaceuticals (NASDAQ:KERX) to “buy” from “hold” and reinstated its $7 price target after the FDA approved its application for a second contract manufacturer of Auryxia for the control of serum phosphorus levels in patients with CKD on dialysis.
Shares of Keryx were changing hands at $5.35, up 56 cents, in afternoon trading on Wednesday.
“We see Auryxia’s sales continuing to build in 2017,” writes analyst Jason Kolbert. His Auryxia sales projections in the U.S. are $44-million in 2017, up from an estimated $22-million this year, with 2018 approaching $100-million.
