Nektar Therapeutics: Share Price Dislocation Masks Rezpeg’s Underappreciated Atopic Dermatitis and Alopecia Areata Upside

Analyst Arthur He CFA of H.C. Wainwright maintained a Buy rating on Nektar Therapeutics, retaining the price target of $135.00.

Arthur He CFA has given his Buy rating due to a combination of factors that, in his view, are not fully reflected in Nektar Therapeutics’ current share price. He highlights that the recent steep decline in the stock following the Phase 2b REZOLVE-AA topline readout appears disconnected from both the strength of the rezpeg data and broader biotech index performance, creating what he sees as a mispricing. He emphasizes that the market had attributed limited value to the alopecia areata opportunity ahead of the readout and argues that the atopic dermatitis franchise alone could support a valuation more than double the current level, backed by his risk-adjusted revenue forecast for 2035. Management’s confident tone at a recent investor breakfast and positive investor feedback further bolster his conviction that rezpeg’s clinical and commercial potential is underappreciated.
He also underscores rezpeg’s differentiated positioning as a first-in-class IL-2 agonist that enhances regulatory T cells, potentially offering a safer immunomodulatory option compared with JAK inhibitors, which carry prominent safety warnings. Survey data cited by management indicating that over half of dermatologists are actively looking for alternatives to JAKs in alopecia areata supports his view that there is substantial unmet demand for a biologic with a more favorable risk profile. In addition, he notes that the design and statistical handling of the Phase 2 REZOLVE-AA study are consistent with FDA expectations, lending credibility to the efficacy signal and de-risking future development. Taken together, the perceived technical dislocation in the share price, the sizable atopic dermatitis and alopecia areata opportunities, and the upcoming rezpeg data catalyst lead him to reaffirm a Buy rating with meaningful upside potential.

He CFA covers the Healthcare sector, focusing on stocks such as Nektar Therapeutics, Vera Therapeutics, and Prime Medicine, Inc.. According to TipRanks, He CFA has an average return of 25.7% and a 51.94% success rate on recommended stocks.