NEW YORK (TheStreet) -- Keryx Biopharmaceuticals (KERX) - Get Keryx Biopharmaceuticals, Inc. Report stock is skyrocketing 14.03% to $5.19 on Tuesday after the company earlier today announced effective results for its drug treating iron deficiency anemia in chronic kidney disease patients.
Called ferric citrate, the oral drug is an iron-based medicine.
The company noted that the phase 3 results of the 24-week, 234-patient trial were statistically significant and met primary and pre-specified secondary endpoints.
Around 1.6 million people in the U.S. suffer from stage 3 to stage 5 non-dialysis dependent chronic kidney disease and iron deficiency anemia.
"We believe that the ability to treat iron deficiency anemia, managing hemoglobin and iron levels, could have an important effect on the way kidney specialists treat these patients," said Chief Medical Officer John Neylan, M.D.
Based in Boston, Keryx Biopharmaceuticals is a biopharmaceutical company that focuses on providing therapies for patients with renal disease in the U.S.
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of D-.
This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been a generally disappointing historical performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles' author.
You can view the full analysis from the report here: KERX