Wedbush Morgan Maintains an 'Outperform' on Nektar Therapeutics (NKTR); Raises Price Target

September 21, 2009 2:36 PM EDT
Get Alerts NKTR Hot Sheet
Price: $12.25 -2.08%

Rating Summary:
    11 Buy, 1 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Wedbush Morgan maintains an Outperform rating on Nektar Therapeutics (Nasdaq: NKTR), raises price target from $8 to $11.

Wedbush analyst says, "With the influx of cash, NKTR now expects to end the year with $390-$400MM in cash (vs. the prior $275MM level), removing any concern that the company might have to do a financing. We think further upside from here will be driven by the complete Ph II NKTR-118 data release as well as the NKTR-102 data. While we think the signing the AstraZeneca deal signals that NKTR is not in play as a takeout target, we think the robustness of the partnership demonstrates management’s ability to leverage NKTR’s other programs into sizeable collaborations which is the basis for our increased price target."

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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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