Piper Sandler notes that Sanofi (SNY) released data from amlitelimab’s Phase 3 COAST 1 in moderate-to-severe atopic dermatitis patients, demonstrating relatively underwhelming efficacy compared to Nektar’s (NKTR) REZPEG Phase 2b REZOLVE-AD. Ultimately, the firm believes this reiterates REZPEG’s differentiated profile, further substantiating its competitive commercial potential across inflammatory diseases. Hence, Piper remains bullish on Nektar and sees a buying opportunity into a catalyst-rich year into data from REZOLVE-AD escape arm, 36-week maintenance, and REZOLVE-AA. The firm has an Overweight rating on Nektar with a price target of $105 on the shares.
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