Piper Jaffray Cuts Price Target on NantKwest (NK) to $23; Reiterates Overweight

August 18, 2016 7:53 AM EDT
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Price: $6.46 --0%

Rating Summary:
    6 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Piper Jaffray maintained an Overweight rating on NantKwest (NASDAQ: NK), and cut the price target to $23.00 (from $32.00), after meeting with that company. Piper Jaffray believes that NK will evolve its own aNK-based regimen. This may involve the aNK cells alone, haNKs and the taNKs.

Analyst Joshua Schimmer commented, "As we return to NK with a fresh view of the adoptive immunotherapy field, we find that the company's strategy for optimizing the aNKbased franchise resonates strongly with our latest understanding of the nuances of these various platforms. As the company advances the aNK cells for Merckle Cell Lymphoma and expands into HER2 based haNKs and taNKs, we believe NK will define a treatment regimen that can deliver robust treatment benefits while taking advantage of what we see as potentially misguided thinking around chemotherapy. Reiterate OW, adjustments to model and valuation change PT from $32 to new $23, still well above the recent close."

For an analyst ratings summary and ratings history on NantKwest click here. For more ratings news on NantKwest click here.

Shares of NantKwest closed at $7.01 yesterday.

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