Nektar price target lowered to $5 from $6 at Mizuho

Mizuho analyst Mara Goldstein lowered the firm’s price target on Nektar to $5 from $6 and keeps a Neutral rating on the shares post the Q3 report. The company confirmed initiation of Phase IIb rezpeg study for atopic dermatitis and a Phase IIb study in alopecia areata, the analyst tells investors in a research note. The firm believes the shares “will stay overhung” until there are additional data from the rezpeg program.