Zacks Investment Research upgraded shares of Nektar Therapeutics (NKTR) from UNDERPERFORM to NEUTRAL on November 04, 2014, with a target price of $15.00.
Nektar Therapeutics reported a loss of $0.26 per share in the second quarter of 2014, narrower than the Zacks Consensus Estimate of a loss of $0.38 and the year-ago loss of $0.37. We are encouraged by the approval of Movantik for use in adults with chronic non-cancer pain suffering from OIC. The drug will be launched in the first half of 2015. The drug also received a favorable CHMP opinion in the EU. We note that another OIC drug, Salix/Progenics' Relistor is also expected to be launched during the same period. Nektar has several late-stage candidates in its pipeline. Considering all the factors we are upgrading the stock to a Neutral recommendation.
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