Jefferies rates Keryx a buy

Keryx Biopharmaceuticals, Inc. was rated by Jefferies & Co., Inc. analyst Adam A. Walsh at a buy rating and a $20 price target on news that the company began its open-label phase 2 trial evaluating safety and efficacy of perifosine alone and in combination with dexamethasone to treat refractory multiple myeloma. The trial adds potential catalysts for 2006, Jefferies said. Shares of the New York City biopharmaceutical company were up 31 cents, or 2.12%, at $14.95 on volume of 764,725 shares versus the three-month running average of 394,332 shares.

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