Deutsche Bank Sees More Upside in Shares of Nektar Therapeutics (NKTR)

Deutsche Bank reiterated a Buy on Nektar Therapeutics (NASDAQ: NKTR) and increase its price target to $13.00 (from $11.00).

While shares of have appreciated close to the firm’s most recent price target, analysts noted recent additional unexpected developments that merit a higher valuation.

“Based on an expected 18-24 timeline for the Ph 3 program, inhaled Cipro now appears on track to reach the market in the 2015-2016 timeframe –slightly ahead of our prior forecast," said analyst David M Steinberg.

Second, noted the report, Sucampo/Takeda just last week received a fast-track review designation for Amitiza in treating opioid-induced constipation (OIC).

“While Amitiza is already approved for chronic constipation and irritable bowel syndrome (IBS), this decision to fast track the sNDA review – in our opinion – may signal the agency’s view that there remains significant unmet need in treating OIC, despite the availability of OTC laxatives. We now think there is a better than 50/50 likelihood that naloxegol could also obtain a fast-track review,” said Steinberg.

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 $10.68 yesterday.

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