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Fly News Breaks for March 18, 2015
NKTR
Mar 18, 2015 | 07:02 EDT
Piper Jaffray lowered its price target for Nektar Therapeutics to $15 after the Phase III study for NKTR-102 in advanced, metastatic breast cancer missed the primary endpoint. Piper does not view the p=0.08 as a "near-miss" and does not consider any of the subset observations adequately robust to support approval without additional trials. It keeps an Overweight rating on the stock, however, citing Nektar's royalties from Movantik and BAX-855 plus some additional pipeline prospects.
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