April 3, 2012
Keryx Biopharmaceuticals, Inc. (NASDAQ:KERX) plummeted to its new 52-low.
After more than a month of stable trading with continuous moderate growing KERX experienced a drop of 65.06% or $1.74 per share before the closing bell on Monday (April, 2).
At the recent closing price of $1.74 the company’s market capitalization amounts to 123.58 million, which makes KERX a representative of a group referred to as small cap companies. Following the price change and various stock portfolio trading recommendations as many as 35.69 million shares of KERX have recently been traded as compared to its average 30-day trading volume of 3.37 million shares. The company owns a total of 71.02 million outstanding shares that are distributed among stock market portfolios of multiple investors.
The unusual price drop was registered by the stock trading tools following the announcement made by KERX earlier the same day with regard to its unsatisfactory results from the Phase 3 Trial of its perifosine drug. The point is that the company’s product didn’t meet the expected endpoints with regard to improving the survivability of patients suffering from a seroiuos form of advanced colorectal cancer. As a result the company’s rating was also downgraded from Buy to Neutral.
The company’s beta is currently equal to 3.20, which indicates that the stock is more than thrice more volatile than the market and investment in the company’s shares involves a great deal of risks.
Keryx Biopharmaceuticals, Inc. belongs to the Biotechnology and Drugs industry of the Healthcare sector. The company is engaged in development and commercializing pharmaceutical products aimed at treating different forms of cancer and renal disease.