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Shares of Keryx Pharmaceuticals (KERX) had slipped during the latest round of market turmoil before rebounding back to the four dollar mark as uneasy investors jumped back in. KERX has reached highs of over six dollars in the past couple of years as the company's primary pipeline products, Zerenex for kidney disease and Perifisone for cancer, moved from Phase II to Phase III trials.

Both products hold significant market potential, and both have racked up solid records through the earlier phases of pipeline development. Although the recent market action has taken the share price down a bit, the potential of KERX hasn't changed.

With trial results due out next year, a couple of analysts placed tags of "Buy" and "Outperform" on the company, predicting a price increase leading into the release of the results.

Keryx opened up this new trading week with news that the Zerenex trial had reached full enrollment. This announcement relates to the Phase III long term study, as the successful short term portion of the trial has already been completed.

CEO Ron Bentsur noted in a Monday press release that the trial was slightly over-enrolled in order to meet "patient and physician interest."

The milestone of meeting full enrollment for the study is in line with a trial completion late next year, although Keryx's other Phase III product candidate, Perifisone, is sure to garner more headlines than Zerenex in early 2012.

Perifisone Phase III results are due out in early 2012, and should those results prove positive, then KERX may be in line as an acquisition candidate. Large pharmaceutical companies are out in force looking for late stage pipelines from smaller companies to fill the gaps that will be created by some major drugs coming off-label over the next few years, and the Keryx pipeline certainly fits the bill of what the big players are looking for.

While this week's Zerenex update is a noteworthy milestone, by the time the long term Phase III is wrapped up, investors will most likely have a better idea of where the company stands in terms of a partnership or acquisition.

In the meantime, KERX could move higher over the next few months leading into trial results and on takeover speculation.

Not one to forget about.

Disclosure: Long KERX.

Source: What's Next For Keryx As Full Enrollment Is Met?