NKTR - Nektar Therapeutics upgraded at Oppenheimer based on favorable risk/reward

Oppenheimer has upgraded Nektar Therapeutics (NASDAQ:NKTR) to outperform from perform given that the stock's current risk/reward ratio is favorable. Shares are 5% higher in premarket trading. The firm also maintained its $21 price target (103% upside based on Tuesday's close). Analyst Jay Olson said the company's recent performance reflects low confidence that an upcoming phase 3 data readout for bempegaldesleukin in melanoma. "We believe, with the share price at ~$10, a negative top-line readout from the Ph3 melanoma study may drag the share price down to $6-7, but a positive readout may drive shares up to the high-teens or more," he wrote. Read why Seeking Alpha contributor Avisol Capital Partners considers Nektar (NKTR) a hold.

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Nektar Therapeutics upgraded at Oppenheimer based on favorable risk/reward