Nektar Therapeutics (NKTR) PT Raised to $20 at Piper Jaffray

Piper Jaffray analyst Joshua Schimmer reiterated an Overweight rating and raised its price target on Nektar Therapeutics (NASDAQ: NKTR) to $20.00 (from $16.00) after providing an outlook for 2016, which they like.

Schimmer commented, "As we start a new year (although still feels like the last one), we are refreshing our thinking on our coverage universe. NKTR is transitioning to a story which we very much appreciate. While we've been critical of what we have perceived to be excessive spending on a low-quality pipeline, the company is now committing to maintaining and re-allocating expenses towards the program we find most exciting, namely NKTR-214 (long-acting IL-2 receptor agonist). Simultaneously, the Movantik launch by AZN is well ahead of our expectations, and partner BXLT is launching Adynovate. We are increasing our royalty revenue estimates, not yet including NKTR-214 (but watching this program eagerly with initial data in 2H16) and also waiting for Phase 3 data for the inhaled antibiotic programs with partner Bayer. We are raising our PT from $16 to $20 as NKTR is emerging as one of our top mid-cap picks."

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

Shares of Nektar Therapeutics closed at $15.63 yesterday.

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