Nektar price target raised to $100 from $60 at BTIG

BTIG raised the firm’s price target on Nektar (NKTR) to $100 from $60 and keeps a Buy rating on the shares, calling the stock s a “pound the table BUY” after the company announced that the ongoing Phase 2b REZOLVE-AD study of investigational rezpegaldesleukin in 393 patients with moderate-to-severe atopic dermatitis met its primary endpoint and that all three dose arms also achieved statistical significance at week 16 for the key secondary endpoints. The “robust” trial data confirmed rezpegaldesleukin as a novel mechanism of action with “strong induction efficacy and clean safety on par with (if not better than) current market leaders” in atopic dermatitis, while Nektar’s current mkt cap of about $240M “still represents a significant discount” to rezpegaldesleukin’s expected market opportunity in AD, the analyst tells investors.