UPDATE: JPMorgan Downgrades Nektar Therapeutics (NKTR) to Underweight
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JPMorgan analyst Jessica Fye downgraded Nektar Therapeutics (NASDAQ: NKTR) from Neutral to Underweight.
The analyst comments "Following removal of bempeg from Nektar’s pipeline due to clinical disappointments, Nektar has refocused resources on early-/mid-stage pipeline opportunities such as NKTR-358 (immunology) and NKTR-255 (I-O). We believe the emerging immunology/I-O pipeline at Nektar holds potential for value creation, but given it will take time and definitive proof-of-concept clinical data to regain investor confidence post bempeg, we expect investors could be hesitant to ascribe more value to these assets in the next 6-12 mos. Along these lines, we think it will be difficult for the stock to perform in pace with our coverage universe and rate the stock Underweight."
Shares of Nektar Therapeutics closed at $4.88 yesterday.
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