UPDATE: Ladenburg Thalmann Upgrades Keryx Biopharmaceuticals; Establishes PT

According to a research report published this morning, Ladenburg Thalmann has upgraded Keryx Biopharmaceuticals KERX from Neutral to Buy, and established a $3 PT. In the report, Ladenburg Thalmann said, "The importance of the Zerenex program has substantially increased following yesterday's announcement of the perifosine data. Zerenex's Phase III program is on track to complete in 4Q 2012. The Phase III program consists of two studies: a small efficacy study of 150 patients which has already been successfully completed (with positive final data already announced) and a larger 1-year safety study of approximately 440 patients (the study was initially designed for 350 patients and was over-enrolled). The long-term, 56-week safety and efficacy portion of the Phase III program (conducted under an SPA) is ongoing with enrollment completed in September 2011, trial completion expected in October 2012 with topline data available in 4Q 2012. We currently expect the Company to file Zerenex for approval in the U.S. and Europe by early 2013." Keryx Biopharmaceuticals is currently trading at $1.67.