Nkarta price target lowered to $36 from $50 at Oppenheimer

Oppenheimer analyst Matthew Biegler lowered the firm’s price target on Nkarta to $36 from $50 and keeps an Outperform rating on the shares after the company reported Q3 results, and he spoke with management. Consistent with prior guidance, the company should give an update on NKX019’s Phase 1 by year-end. Given the strength of the first readout from April, the analyst wouldn’t expect any surprises to the downside here. As for AML, the messaging appears less enthusiastic, Biegler says. Updated NKX101 data has been delayed into the first half of 2023 "[to] collect a more robust and interpretable data set." The analyst remains a buyer ahead of NKX019’s data, but is adjusting his price target on perceived risk to NKX101.