UPDATE: Brean Capital Assumes Nektar Therapeutics (NKTR) at Buy
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(Updated - September 30, 2016 9:56 AM EDT)
Brean Capital assumed coverage on Nektar Therapeutics (NASDAQ: NKTR) with a Buy rating and a price target of $23. Analyst Difei Yang sees strong growth in royalties.
Yang explained, "Nektar Therapeutics is a biopharmaceutical company with a history of discovering and developing new medicines for debilitating diseases and a robust R&D pipeline of investigational medicines in immunology, oncology, and pain. The company claims most of its revenue from licensing and partnership deals and has built an extensive pipeline over the years. In our view, Nektar’s products from recent/future launches that are likely to generate the most upside are: Movantik, Adynovate and Amikacin Inhale product. If the upside materializes in these mentioned products, we see growth in sales of an estimated $163.4 million in 2016 to an estimated $403.5 million in 2020. We like the strong sales growth prospect and the possibility of turning cash flow positive. As such, we assume coverage with a BUY rating and $23 TP."
Shares of Nektar Therapeutics closed at $16.95 yesterday.
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