Nektar upgraded to Buy from Hold at Jefferies

Jefferies upgraded Nektar (NKTR) to Buy from Hold with a price target of $2, up from $1. The company’s rezpegaldesleukin will report topline results for the Phase 2b study in atopic dermatitis in Q2, the analyst tells investors in a research note. The firm expects an “encouraging” efficacy and safety profile with a novel mechanism of action versus available and pipeline comps in atopic dermatitis. It believes the stock’s probability skewed reward/risk on the data readout is favorable based on Nektar’s current negative enterprise value.