BTIG reiterates Buy rating on Nektar Therapeutics, $178 price target

Rezpegaldesleukin, an IL-2 receptor agonist, showed early upregulation of Treg markers and suppression of inflammatory axes in a phase 2b trial for atopic dermatitis. Emma Guttman-Yassky, MD, noted significant biomarker changes by week 2, predicting week 16 responses. Nektar Therapeutics disclosed relevant findings, with mean EASI scores falling 64.3% by week 16. Data not yet peer-reviewed.

Raymond James initiated coverage on Nektar Therapeutics (NASDAQ:NKTR) with a Market Perform rating, citing its focus on autoimmune therapies and cash burn. The stock is down 46% over six months, with a market cap of $1.39 billion. Nektar reported a smaller-than-expected Q2 2026 loss but missed revenue forecasts. The company won a $90 million verdict against Eli Lilly and received a Buy rating with a $185 price target from H.C. Wainwright.

A federal jury ruled that Eli Lilly & Co. breached the implied covenant of good faith and fair dealing with Nektar Therapeutics, awarding Nektar $90 million in damages. The jury rejected Nektar's claim that Lilly breached the license agreement's commercially reasonable efforts (CRE) obligation. Lilly plans to appeal, arguing no liability should have been imposed. The case highlights risks in biopharma licensing agreements.

Nektar Therapeutics (NKTR) won a $115 million lawsuit against Eli Lilly (LLY), resolving a multi-year overhang. The verdict, including interest, amounts to ~5% of NKTR's market cap. Despite the win, NKTR's stock fell over $200 million in market cap due to market volatility and rising yields. Cedar Grove Capital Management views this as a net positive for NKTR, removing a long-standing uncertainty.

H.C. Wainwright reiterated a Buy rating and $185 price target on Nektar Therapeutics (NKTR) after positive alopecia data. NKTR shares fell 22.4% on Oct 1, despite analysts' bullish consensus. NKTR reported a smaller-than-expected Q2 2026 loss but missed revenue expectations. NKTR won a $90M verdict against Eli Lilly.

HC Wainwright & Co. maintained a Buy rating on Nektar Therapeutics with a $185 price target, suggesting a 293.7% upside from the Oct 1 close of $46.99. The firm cited strong Phase 2b data for rezpeg and an undervalued stock as reasons for the recommendation.