Mar. 13 at 4:54 PM
Oppenheimer⬆️
$NKTR's PT to
$140 from
$115 and reiterated at an Outperform rating.
$CRVS $APGE $AMGN LLY
$CLDX
Oppenheimer said—Following the impressive maintenance data for rezpeg in REZOLVE-AD, NKTR's 4Q25 update shifts attention back to the underappreciated opportunities in alopecia areata (AA) and T1D.
On the AA front, NKTR will present data from the 36-week treatment period of the REZOLVE-AA study of rezpeg in a late-breaking oral session at the upcoming AAD meeting.
Following that, topline data from the blinded 16-week extended treatment period will be reported in April, which could inform Ph3 study design.
Meanwhile, initial data from TrialNet-sponsored Ph2 study of rezpeg in T1D will be reported in 2027 (potentially in the first half).
With rezpeg's emerging competitive profile in AD, we believe these additional opportunities provide a reminder of rezpeg's pipeline-in-a-product potential. We update our model with
$140 PT (vs. prior
$115).
