Merrill reiterates Keryx at buy

Keryx Biopharmaceuticals was reiterated at buy with a $24 price objective by Merrill Lynch analyst Thomas McGahren after the company announced positive final phase 2 data for Sulonex in the treatment of diabetic nephropathy. McGahren described diabetic nephropathy as a large unmet medical need and estimated that Sulonex will launch in late 2007 or early 2008 and could reach peak sales of $1 billion or more. Keryx also has the advantage of being at least two or more years ahead of potential competitors, he added. Shares of the New York-based biopharmaceutical company were down 13 cents, or 0.86%, at $14.90 on volume of 331,674 shares versus the three-month running average of 334,920 shares.

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