UPDATE: Oppenheimer Raises PT on KERYX Biopharmaceuticals to $8

Oppenheimer is out with its report today on KERYX Biopharmaceuticals KERX, raising its PT from $7 to $8. In a note to clients, Oppenheimer writes, "We recently revisited our assumption behind perifosine's commercial projections, including the intellectual property associated with the drug. In the process we extended our model for perifosine in the US through the middle of 2018 for both colorectal cancer and multiple myeloma, which is when we estimate the end of the Hatch-Waxman patent term extension. Our updated model is appended on pp. 2-3 of this report, and suggests a price target of $8/share, up from $7 previously." Oppenheimer maintains Outperform on KERX. Shares of KERX closed Monday at $4.87, down 4.51% from Friday's close.