Following positive news, H.C. Wainwright raises its price target on Nektar Therapeutics (NASDAQ: NKTR) to $185.00 from $165.00. Nektar Therapeutics is a clinical-stage biotechnology company focused on innovative drug development. It focuses on developing new treatments for conditions like cancer, autoimmune diseases, and chronic pain. The company's work centers on creating innovative medicines to address unmet patient needs.
The analyst's updated target follows promising clinical trial results. As highlighted by Benzinga, Nektar Therapeutics announced positive outcomes from its Phase 2b REZOLVE-AA study. The study evaluates its drug, rezpegaldesleukin, as a treatment for alopecia areata, a condition that causes severe hair loss. These positive results caused the company's stock to increase significantly.
The 52-week study results show continued improvement in patients. Specifically, 29% and 31% of patients in two dosage groups achieved a SALT Score of 20 or less. The SALT (Severity of Alopecia Tool) score is used to measure hair loss, so a lower score means clinically meaningful hair regrowth. The treatment also maintained a favorable safety profile.
The market reacted strongly to the news. Shares of Nektar Therapeutics are trading at $103.12, which is a daily increase of $18.26, or 21.52%. The stock also reached a new 52-week high of $109.00 during the day. The company currently has a market capitalization of approximately $2.09 billion.
