Keryx Biopharmaceuticals (NASDAQ:KERX) is a small company (market cap: $555.82 million) focused on bringing the benefits of its sole product Auryxia to a large segment of patients with chronic kidney disease (CKD). Auryxia was approved by the Food and Drug Administration (FDA) in September 2014 and launched in December that year; the drug was previously approved in Japan in January 2014 (as Riona) and then in September 2015 by the European Commission (as Fexeric). On August 1, Keryx announced that an interruption in the supply of Auryxia, which led to a one-day share price drop of 36% and a further decline of 10% over the next 10 days. Although Auryxia's launch momentum was blunted and many current or potential patients have been forced to switch to competing products, the prospect of 1-2 quarters of missed revenue wasn't worth the ensuing $200+ million loss in valuation.

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