It has been a while since I updated my thoughts on Nektar Therapeutics (NKTR), and a lot has happened with this biotech over the past year, including a huge development deal with Bristol-Myers (BMY),
mixed trial data at ASCO, and ongoing progress with additional
compounds in the oncology pipeline. On top of all that, Nektar has a
pain asset with potentially impressive upside, an exciting early-stage
anti-inflammatory asset, and a significant amount of cash.
Nektar
shares sold off hard after the disappointing ASCO results, but have
since recovered 40%. At this price, I don’t necessarily think Nektar is
seriously undervalued relative to the development risk. That’s a key
caveat, though, as better clinical data on the NKTR-214 (or ‘214)
melanoma program at the November SITC could restore some bullishness
here and there is a lot of potential value in ‘214, NKTR-358, NKTR-262,
and NKTR-255 that could be unlocked with future clinical successes.
Read the full article here:
Nektar Therapeutics Offers A High-Potential But Controversial Pipeline
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