Keryx Biopharmaceuticals, Inc., a biopharmaceutical company, focuses on the acquisition, development, and commercialization of pharmaceutical products for the treatment of renal disease in the United States. It is developing Zerenex (ferric citrate), an oral, ferric iron-based compound that has the capacity to bind to phosphate in the gastrointestinal tract and form non-absorbable complexes. The company has completed Phase III clinical program for Zerenex for the treatment of hyperphosphatemia (elevated phosphate levels) in patients with end-stage renal disease on dialysis. Zerenex is also in Phase II development for the management of phosphorus and iron deficiency in anemic patients with stages three to five non-dialysis dependent chronic kidney diseases.
Please take a look at the 1-year chart of KERX (Keryx Biopharmaceuticals, Inc.) below with my added notations:
KERX has held a very important level of support at $12 (blue) since mid-November. That $12 support was also resistance back in October. Now, the stock is approaching $12 again and that might provide another bounce higher. However, the stock’s recent lagging of the overall market could be setting the stock up for a breakdown.
The Tale of the Tape: KERX has a key level of support at $12. A trader could enter a long position at $12 with a stop placed under the level. If the stock were to break below the support, a short position would be recommended instead.
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