Nektar Therapeutics (NKTR) PT Raised to $178 at BTIG

BTIG analyst Julian Harrison raised the price target on Nektar Therapeutics (NASDAQ: NKTR) to $178.00 (from $151.00) while maintaining a Buy rating.

The analyst comments "NKTR remains one of our 1H26 Top Picks. 24 ug/kg REZPEG crossed our blue sky threshold of >27% SALT20 at 52wk, supporting REZPEG as likely superior to low-dose Olumiant in alopecia areata (AA; Olumiant showed 21% to 24% SALT20 at 52wk in Phase 3). The dermatologists on the call attested that REZPEG would be prescribed to 90% of their AA patients if the therapeutic profile in REZOLVE-AA were replicated in Phase 3; one even opined that it could be closer to 100% for others, considering the aversion to JAK inhibitors remains very high. We expect REZPEG's cleaner safety vs. JAK inhibitors could increase the global AA market from ~$200 million in 2025 to several billion by the mid-2030s. No new safety signals were seen in today’s REZOLVE-AA update, which is significant as Q2W 24ug/kg for 52wk represents the largest annual exposure of REZPEG in any clinical study, to date. Following an upcoming end-of-Phase-2 meeting with the FDA, mgmt. plans to advance the REZPEG AA program to Phase 3 with a 52wk induction course and the SALT Score ≤20 registrational endpoint. In the near-term, NKTR plans to initiate its ZENITH-AD Phase 3 program (REZPEG in atopic dermatitis) in June/July 2026. Additionally, NKTR expects to initiate a new REZPEG proof-of-concept study for a potential new indication, with cutaneous lupus erythematosus (CLE) mentioned as a possible option. Following the REZOLVE-AA 52wk results, we have raised our probability of success in AA to 90% from 80% and increased our peak penetration to 30% from 18%, raising our PT to $178 from $151."

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