Raymond James initiates Nektar stock coverage with Market Perform

Raymond James began monitoring Nektar Therapeutics (NKTR) on Tuesday, rating the biotech company's stock as Market Perform. The focus of Nektar's research is on their lead asset, rezpegaldesleukin, an IL-2 Treg stimulator now in late-phase development for autoimmune conditions. Analyst Thomas Deal issued the coverage initiation report.

The stock is currently priced at $40.80 with a market capitalization of $1.39 billion, although it has fallen 46% over the last six months. InvestingPro analysis indicates the company may be overvalued relative to its Fair Value, appearing on the Most Overvalued list. A notable concern is the rapid cash burn, as levered free cash flow stands at -$235 million.

Investors can obtain more in-depth information through the Pro Research Report for NKTR and over 1,400 other US equities. Nektar Therapeutics reported a smaller-than-expected loss in its second-quarter 2026 earnings, posting a loss of $1.23 per share, beating analyst estimates of a $2.00 per share loss. However, revenue fell short of expectations, with $10.13 million reported compared to the projected $10.38 million.

Despite the earnings beat, investors remain cautious due to the company's long path to commercializing its products. Nektar was recently awarded $90 million in a jury verdict against Eli Lilly for breach of contract and implied covenant of good faith and fair dealing, stemming from their earlier collaboration on rezpegaldesleukin.

H.C. Wainwright maintained a Buy rating on Nektar Therapeutics, with a price target of $185.00, following the company's positive clinical trial data from the Phase 2b REZOLVE-AA study in alopecia areata.