Keryx initiated by Merrill Lynch at buy

Keryx Pharmaceuticals coverage was initiated by Merrill Lynch analyst Thomas McGahren, with a buy rating and a $24 price objective. If clinical trials of its diabetic nephropathy drug KRX-101 are successful, it could be approved in late 2007 or early 2008, potentially reaching peak sales of $1 billion or more. Keryx shares Monday were up $1.05, or 6.66%, at $16.81 on volume of 497,502 shares versus the three-month running average of 448,440 shares.

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