Ordinarily you might think that the approval of one billion-dollar
drug and the imminent approval of another would be good news for a
biotech, but then Nektar Therapeutics (NASDAQ:NKTR)
has never been an ordinary biotech. Investors remain rightly concerned
about the odds of commercial success with the company's OIC drug
Movantik and somewhat less rightly concerned about the prospects of Baxter's (NYSE:BAX)
upcoming long-acting PEGylated rFVIII product, and the negative results
from the Phase III BEACON study of NKTR-102 surely didn't help.
I've never been a particular fan of Nektar, so it serves me right that the shares would fall about 15% since I last wrote favorably about them. Even despite these concerns and the elevated level of risk, I continue to believe that Nektar shares look undervalued today.
The full article is here at Seeking Alpha:
With Nektar Therapeutics, Value Never Comes Easy
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