Nektar downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright analyst Debjit Chattopadhyay downgraded Nektar Therapeutics to Neutral and cut his price target for the shares to $54 from $97. The stock closed Friday up $1.17 to $54.14. An updated cut of NKTR-214 data presented at an investor conference on June 06, does not assuage fears on the outlook of NKTR-214 in the post ECHO-301, immuno-oncology combination therapy landscape, Chattopadhyay tells investors in a research note. This has been "further punctured by the lack of meaningful updates" in non-small-cell lung carcinoma, the primary driver of NKTR-214's valuation in an environment where competition is better positioned, the analyst contends. Chattopadhyay now has a "less than sanguine read of the emerging data" from Nektar.

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