In a report released today, Jason McCarthy from Maxim Group downgraded Keryx Biopharma (NASDAQ: KERX) to Hold. The company’s shares opened today at $4.55.
McCarthy wrote:
“Therapeutics announced a definitive merger agreement under which the companies will combine in an all-stock merger. The combined company will be called the current CEO of Akebia, John P. Butler, will be President and CEO. We note that Keryx will appoint the Chairperson of the Board of the combined company. The deal is expected to close by YE18. Shares of both companies are down ~23-26% on the news. We are downgrading KERX shares to Hold, from Buy.”
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