Nektar Shares Rise On Morgan Joseph Analyst View
NEW YORK (AP) — Shares of Nektar Therapeutics jumped Friday after a Morgan Joseph analyst reaffirmed a positive outlook for the developer of drug-delivery technology on its various partnerships.
The stock rose 37 cents, or 6.6 percent, to $6 in midday trading. Shares have traded between $2.45 and $7.13 over the last 52 weeks. Morgan Joseph analyst Shiv Kapoor reaffirmed a "Buy" rating and boosted his price target to $9 from $7, citing the company's momentum in collaborations. Nektar's technology platform is used to enhance the performance of treatments. Its partner UCB received approval in May for Cimzia as a rheumatoid arthritis drug, which helps position Nektar in a market that has billions in revenue. Kapoor also cited the company's partnership with Bayer on an inhaled pneumonia treatment called Amikacin. "Nektar Therapeutics continues to be stigmatized, in our view, by the failure of its inhaled insulin program a few years ago, but we believe CEO Howard Robin is leading a strong comeback by leveraging the company's PEG technology and deep pipeline," Kapoor said, in a note to investors. Nektar saw a dip in revenue after 2007 following Pfizer Inc.'s decision to discontinue selling Exubera inhaled insulin because of disappointing sales. Nektar went through a period of cost-cuts and layoffs.- Loading Comments...
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