Nektar price target raised to $89 from $45 at Mizuho
Mizuho analyst Difei Yang raised her price target for Nektar Therapeutics to $89 citing the "impressive" safety and efficacy data observed so far in clinical trials for NKTR-214. The drugmaker closed Friday up $1.43 to $71.59. There is a "good chance" the upcoming data readouts at the American Society of Clinical Oncology in June will be positive, which could provide "strong upside for the shares," Yang tells investors in a research note. The analyst believes NKTR-214 has been impressive across all cancer types and is "ahead of the competition." She believes the drug has the potential to work across many indications and points out the asset is wholly-owned by Nektar. From a potential acquirer's perspective, a wholly-owned asset is more attractive, Yang contends. She reiterates a Buy rating on Nektar.