Nektar Nails Phase 2b Eczema Trial: BTIG Calls It A ‘Pound the Table BUY’, Wainwright Sees $120 Upside

Wall Street analysts sharply upgraded their outlook on Nektar Therapeutics on Wednesday following positive topline results from the company’s Phase 2b REZOLVE-AD trial of rezpegaldesleukin in patients with moderate-to-severe atopic dermatitis.

Nektar Therapeutics’ stock closed Wednesday up 19.1% at $29.12 and added another 1.1% after hours to $29.43.

Jefferies lifted its price target from $2 to $69, citing improved confidence in rezpegaldesleukin’s efficacy and safety in what it described as an “enormous disease space.” 

The firm maintained a ‘Buy’ rating.

Additionally, BTIG raised its target to $100 from $60, calling the stock a “pound the table BUY” and noting that all three dose arms achieved statistical significance across primary and secondary endpoints at 16 weeks. 

BTIG analysts said the “robust” data support rezpegaldesleukin’s status as a novel mechanism of action with the potential to outperform current therapies.

Meanwhile, H.C. Wainwright was the most bullish, increasing its target from $6.50 to $120 and calling the results “paradigm-shifting.” 

The firm said rezpeg’s highly differentiated profile could reshape the atopic dermatitis treatment landscape and noted further improvement may come in the 36-week maintenance data expected in Q1 2026.

Nektar said its primary 16-week induction data met its primary endpoint, with a statistically significant improvement in Eczema Area and Severity Index (EASI) in all dose arms versus placebo. 

The company also met its secondary endpoints, which include EASI-75, EASI-50, BSA score, vIGA-AD 0/1, Itch NRS, and EASI-90 at the highest dose. 

Safety was consistent with previous data, and blood biomarker data showed strong on-target, dose-dependent activity.

The results will be shared at a medical conference later in 2025. The company expects to report Phase 2b data for rezpeg in alopecia areata in Q4 2025.

On Stocktwits, retail sentiment was ‘extremely bullish’ amid ‘extremely high’ message volume.

One user said that Nektar could touch $100 as early as tomorrow. 

Another speculated that, barring an immediate equity offering, the stock might reach $40 in the next session.

Others remained cautious, noting that dilutive financings often follow such rallies. One user said an offering was likely “incoming,” potentially in the $15 range.

Still, some bulls pushed back, dismissing near-term offering concerns as "bear hopium" and predicting a move to $49 to fill the gap, with all-time highs (ATH) as the next target.

Nektar’s stock has doubled its value so far in 2025.

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