Analysts’ views on Nektar Therapeutics
Nektar Therapeutics (NKTR) is a development-stage biotechnology company that has a drug pipeline focused on the treatment of cancer, autoimmune diseases, and chronic pain. The company has entered a number of key collaborations recently to advance its drug pipeline. Also, the stock fell more than 40% in early June on disappointing trial data of one of its key drug candidates. However, Wall Street still has positive views on the stock. In this article, we’ll take a look at analysts’ recommendations for NKTR stock for the next 12 months.
As of June 28, of the 11 analysts covering Nektar Therapeutics, approximately 82% of the analysts have recommended a “buy” or “strong buy” on the stock, while the remaining two analysts have “hold” recommendations on Nektar Therapeutics. Despite the recent stock price slump, Wall Street analysts are upbeat about the company’s growth prospects over the next 12 months.
According to analysts, the consensus target price for NKTR stock over the next 12 months is $96.78, which implies a ~109.3% return over the next year. This return is calculated on the basis of NKTR’s June 27 closing price of $46.25.
Analysts’ average target prices for Nektar’s peers Ionis Pharmaceuticals (IONS), Exact Sciences (EXAS), and Seattle Genetics (SGEN) are $58.5, $65.1, and $67.3, respectively, implying potential returns of 39.3%, 7.7%, and 3.9%, respectively, over the next 12 months.
Recent ratings and target price updates
On June 11, H.C. Wainwright cut its target price on Nektar Therapeutics from $97 to $54 and its recommendation on the stock to “neutral.” The majority of analysts, however, maintained their positive view on the stock despite the recent stock price decline on the failed cancer treatment trial news. In April, Seaport Global Securities initiated coverage on Nektar Therapeutics with a “buy” recommendation and a target price of $102.
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