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Investing.com - H.C. Wainwright raised its price target on Nektar Therapeutics (NASDAQ:NKTR) to $120.00 from $6.50 on Wednesday, while maintaining a Buy rating on the stock.
The significant price target increase follows Nektar’s Tuesday announcement of positive results from the induction period of its ongoing Phase 2b REZOLVE-AD study evaluating rezpeg in patients with moderate-to-severe atopic dermatitis (AD). The randomized, double-blind study tested subcutaneously administered rezpeg in 400 biologic and JAKi-naïve patients across three different dosing regimens compared to placebo.
All three dose regimens achieved statistical significance on the primary endpoint of least squares mean percent reduction in EASI from baseline at the end of induction. The 24 µg/kg rezpeg every two weeks (Q2W) dosing achieved statistical significance on all key secondary endpoints, including a 61% EASI reduction (p<0.001) and 42% improvement in itch NRS (p<0.01).
H.C. Wainwright noted that rezpeg demonstrated clear dose-dependent response and fast onset of action, independent of disease severity. The firm believes the Phase 2b data "further solidifies the therapeutic potential of the drug for AD patients" and highlighted that key opinion leaders expect to see further efficacy improvement when 36-week maintenance data is reported in the first quarter of 2026.
Nektar Therapeutics was previously identified as an "HCW 2025 Top Pick" by the research firm, which believes rezpeg has "the potential to reshape the treatment landscape for AD" given its highly differentiated mechanism of action compared to currently approved therapies.
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