Morgan Joseph Reiterates a 'Buy' on Nektar Technology (NKTR); Sees Substantial Added Value From AstraZeneca Deal

September 22, 2009 8:43 AM EDT
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Price: $12.93 --0%

Rating Summary:
    11 Buy, 1 Hold, 2 Sell

Rating Trend: Up Up

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    Up: 0 | Down: 0 | New: 0
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Morgan Joseph reiterates a 'Buy' on Nektar Technology (Nasdaq: NKTR), raises price target from $9 to $12.

Morgan analyst says, "Yesterday, Nektar announced a $1.5 billion worldwide license agreement with AstraZeneca (NYSE: AZN) to develop and market NKTR-118 and NKTR-119. Although we had anticipated a transaction, the size of the deal and the quality of the partner has meaningfully increased our confidence in the potential of NKTR-118, and Nektar's technology. Our key takeaway from this deal is that despite its low development-risk profile, Nektar's technology could add substantial value to shareholders."

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Nektar Therapeutics, a biopharmaceutical company, develops various drug products and product candidates using its proprietary drug delivery technologies.

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