Wedbush initiated coverage of Nektar (NKTR) with a Neutral rating and $70 price target The firm believes the company’s ongoing trials in alopecia areata and type 1 Diabetes “offer downside protection” for the shares. While rezpegaldesleukin’s efficacy in asthma could differentiate the drug from competitors in atopic dermatitis, until Nektar pursues a development in asthma Wedbush sees limited validity for available patient-reported outcome data, the analyst tells investors in a research note. The firm says its price target reflects a sum-of-parts valuation for each of Nektar’s clinical programs.
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