Jefferies Raises Price Target on Nektar Therapeutics (NKTR) to $15
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Jefferies reiterated a Buy on Nektar Therapeutics (NASDAQ: NKTR), and raised the price target to $15.00 (from $14.00), following the company's 3Q earnings report. Based on the recently completed equity offering and mgt’s updated guidance, Jefferies now estimates FY16 & FY17 revenues and EPS of $170M & ($1.17) and $284 & ($0.57) vs $188M & ($1.07) and $303M & ($0.45) respectively.
Analyst David Steinberg commented, "A Q3 EPS loss of $0.32 was largely in-line with our ($0.34) estimate. A significant improvement in gross margin (75% vs 50% JEF) offset slightly lower than projected revenue (-$3M vs our estimate). Importantly, product & royalty income increased $12.8M Y/Y to $20.3M, reflecting NKTR’s growing revenue stream from Movantik and Adynovate. Looking ahead, NKTR has an abundance of key catalysts over the next 6 months."
Shares of Nektar Therapeutics closed at $12.30 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
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