Citi analyst Samantha Semenkow reiterated a Buy rating and $151.00 price target on Nektar Therapeutics (NASDAQ: NKTR).

Nektar shares closed at $43.58, reflecting a roughly 60% decline from year-to-date highs reached in April 2026 following positive Phase 2 52-week alopecia areata data. The analyst noted the decline occurred despite no negative news affecting the clinical or commercial outlook for the company's drug candidate rezpeg in atopic dermatitis or alopecia areata.

Semenkow noted that Nektar shares are trading at an enterprise value of approximately $800 million, which she said trails peers primarily valued on atopic dermatitis, including Kymera Therapeutics (NASDAQ: KYMR) at $8.8 billion and Apogee, which was acquired for $10.9 billion.

The analyst models 2035 risk-adjusted revenue of $2.5 billion for rezpeg across both indications, compared to a $2.2 billion consensus estimate.

Nektar's Phase 3 program for atopic dermatitis is underway, with topline data expected in mid-2028. The Phase 3 program for alopecia areata is on track for initiation in early 2027. The company has also guided for initial rezpeg Phase 2 proof-of-concept data in Type 1 Diabetes in 2027.