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The Keryx (Nasdaq: KERX) Media Blunder Will Add to Our 700% Gain
On August 29, 2012, shares of Keryx Biopharmaceuticals - a company focused on pharmaceutical products for patients with renal disease - closed for the day's session at $2.06. Exactly two years later, on August 29, 2014, the same stock closed at $18.19./
That's right: Investors made a 780% profit over their original position, and it looked like the price per share (PPS) was destined to climb considerably higher.
In fact, analysts had set their average first-year target for the stock at about $23. And there was every reason to believe Keryx would reach and break through that target after the FDA approved it for marketing in the United States on its PDUFA date, set for September 7.
But then something odd happened...
The FDA rendered its decision early, on September 5, and although the news was good - KERX's drug had been approved - the stock fell more than 11% by the session opening the following Monday and continued falling over the next few weeks - giving traders today an opportunity to take advantage of the situation and make huge profits.
On August 29, 2012, shares of Keryx Biopharmaceuticals - a company focused on pharmaceutical products for patients with renal disease - closed for the day's session at $2.06. Exactly two years later, on August 29, 2014, the same stock closed at $18.19./
That's right: Investors made a 780% profit over their original position, and it looked like the price per share (PPS) was destined to climb considerably higher.
In fact, analysts had set their average first-year target for the stock at about $23. And there was every reason to believe Keryx would reach and break through that target after the FDA approved it for marketing in the United States on its PDUFA date, set for September 7.
But then something odd happened...
The FDA rendered its decision early, on September 5, and although the news was good - KERX's drug had been approved - the stock fell more than 11% by the session opening the following Monday and continued falling over the next few weeks - giving traders today an opportunity to take advantage of the situation and make huge profits.