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NKTR

Nektar

$15.50

-0.21 (-1.34%)

10:08
03/20/17
03/20
10:08
03/20/17
10:08

Nektar surges after success of opoid painkiller in Phase 3 study

Shares of Nektar Therapeutics (NKTR) surged in morning trading after the company said that a late-stage trial of NKTR-181, which was previously granted Fast Track designation by the U.S. Food and Drug Administration for the treatment of moderate to severe chronic pain, met the primary and secondary endpoints. PHASE 3 STUDY RESULTS: Nektar Therapeutics announced this morning that NKTR-181, an opoid analgesic, met the primary and secondary endpoints in the SUMMIT-07 Phase 3 study. NKTR-181, Necktar's treatment for pain "without the high levels of euphoria that can lead to abuse and addiction with standard opioids," significantly improved chronic back pain relief compared to placebo, meeting the primary efficacy endpoint. Nektar said the trial also met key secondary endpoints with "high statistical significance." NKTR-181 also demonstrated a favorable safety profile and was well tolerated, Nektar said. The company said the Food and Drug Administration granted the investigational medicine Fast Track designation for the treatment of moderate to severe chronic pain. "The data from this efficacy study are extremely important because they demonstrate that NKTR-181 produces strong analgesia in patients suffering from chronic pain while NKTR-181 has also demonstrated significantly lower abuse potential than oxycodone in a human abuse potential study," said Martin Hale, the clinical investigator of the study and medical director at Gold Coast Research. POSITIVE OUTCOME 'SOMEWHAT OF A SURPRISE': TheStreet's Adam Feuerstein said the positive outcome of the Phase 3 study comes as "somewhat of a surprise" as the drug failed to beat the placebo in a previous Phase 2 study. Feuerstein noted that Nektar will not spend more money on NKTR-181, but said the Phase 3 study should strengthen its plan to outlicense the painkiller to a partner. If completed, Feuerstein said that a deal would create "a nice financial windfall" for the company. ANALYST 'HAPPY TO BE PROVEN WRONG': In a note to clients this morning, Piper Jaffray analyst Joshua Schimmer reiterated his Overweight rating on the stock and raised his price target to $29 from $25, and said that he is "happy to be proven wrong," as he believed prospects of success were very low following the failed Phase 2 study. Schimmer noted that Nektar is one of his top mid-cap biotech stocks for reasons including an emerging immuno-oncology platform and a value support provided by multiple royalty streams from partnered products. PRICE ACTION: Nektar Therapeutics is up about 27% in early trading to $19.64. Shares are up more than 60% year-to-date.

  • 29

    Mar

  • 01

    Apr

NKTR Nektar
$15.50

-0.21 (-1.34%)

01/03/17
JANY
01/03/17
NO CHANGE
JANY
Janney sees pricing, rising rates as biotech headwinds in 2017
Janney Capital analyst Debjit Chattopadhyay noted that, on a relative basis vs. the Nasdaq, 2016 was the worst year for the Nasdaq biotechnology index (NBI) since 1994 and he believes the "outlook for 2017 isn't particularly rosy" given structural challenges for the sector along with rising interest rates. He cautions about overenthusiasm on M&A, as Chattopadhyay thinks "cash rich pharma may choose to return cash to shareholders through increased buybacks and dividends," and he believes "M&A, if any, is likely to lead to short-term relief rallies and may not represent a broader turn in sentiment." Meanwhile, broader discussion on healthcare spending and regulatory changes are likely to be bigger drivers of biotech sentiment during 2017 than M&A, said Chattopadhyay, who listed bluebird bio (BLUE), Galapagos NV (GLPG), Vertex (VRTX), Clovis (CLVS) and Nektar (NKTR) as on the firm's 2017 biotechnology focus list.
01/06/17
BTIG
01/06/17
INITIATION
Target $22
BTIG
Buy
Nektar initiated with a Buy at BTIG
BTIG analyst Robert Hazlett started Nektar Therapeutics with a Buy rating and $22 price target. Several "intriguing" emerging therapeutics along with multiple near-term catalysts make the shares attractive, Hazlett tells investors in a research note.
01/26/17
PIPR
01/26/17
NO CHANGE
PIPR
Overweight
Celgene acquisition highlights underappreciated Nektar asset, says Piper Jaffray
After Celgene (CELG) announced this morning a deal to acquire Delinia for $300M plus up to $475M in potential milestones, Piper Jaffray analyst Joshua Schimmer noted that the company's lead asset, DEL106, being developed for autoimmune disorders, is similar to Nektar's (NKTR) NKTR-358. While many investors are familiar with Nektar's immune-oncology program, NKTR-214, far fewer are familiar with NKTR-358, though both represent potential blockbuster opportunities if successful, Schimmer tells investors. He keeps an Overweight rating on Nektar, which he identifies as one of his top mid-cap picks.
03/20/17
PIPR
03/20/17
NO CHANGE
Target $29
PIPR
Overweight
Nektar price target raised to $29 after opioid trial success at Piper Jaffray
Piper Jaffray analyst Joshua Schimmer said he thought prospects of success for NKTR-181 were very low after a failed Phase 2 study but he was "happy to be proven wrong" after the SUMMIT trial succeeded. A human abuse liability study will read-out around mid-2017, after which the company will meet with the FDA to discuss whether the package for NKTR-181 is adequate for filing, Schimmer noted. He raised his price target on Nektar shares to $29 from $25 and keeps an Overweight rating on the stock, which he calls his "top mid-cap biotech stocks for other reasons," such as its multiple royalty streams from partnered products and its emerging immuno-oncology platform.

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