Nektar price target raised to $115 from $98 at Oppenheimer

Oppenheimer analyst Jay Olson raised the firm’s price target on Nektar (NKTR) to $115 from $98 and keeps an Outperform rating on the shares after the company provided updates on the results from its Phase 2b REZOLVE-AA study evaluating rezpeg in alopecia areata. While the study missed the primary endpoint “by a whisker,” excluding four patients with eligibility violations suggests a nominal statistical significance for both doses, the analyst tells investors in a research note. Oppenheimer sees “compelling activity” for rezpeg in alopecia areata. It upped the probability of success for the indication to 50%. Nektar in morning trading is down 8% to $48.88.