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Nektar (NKTR) Stock Surges 75% in a Week: Here's Why
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Nektar’s (NKTR - Free Report) shares soared as the company announced new and promising corrected data from studies on its lead pipeline candidate rezpeg. According to NKTR, data from the studies were previously reported inappropriately by its then partner Eli Lilly (LLY - Free Report) .
Nektar regained full rights to rezpeg from Eli Lily in April 2023, and will now take charge of its clinical development. Rezpeg is now a wholly owned asset of Nektar, and the latter owes no royalty payments to LLY.
On Tuesday, Nektar said that the efficacy data, previously generated by Eli Lilly from rezpeg studies, was miscalculated for both atopic dermatitis and psoriasis.
The correct data from the phase Ib study for atopic dermatitis demonstrated that 12 weeks of treatment with rezpeg, at the highest dose, resulted in a mean EASI score improvement of 83% and an EASI 75 response rate of 41%. EASI is a widely used and validated standard measurement for AD studies. Notably, the revised data showed that rezpeg provided a rapid and steep drop in EASI scores immediately after the initiation of therapy.
The above discovery was made shortly after all rights to rezpeg were returned to Nektar, and the raw data files from the rezpeg clinical studies were transferred to NKTR. The company appointed an independent statistical firm to analyze the raw data that subsequently identified the errors. These errors were confirmed by Eli Lilly in written communication.
Nektar’s shares have rallied almost 75.2% in the past week against the industry's 0.7% decline.
Image Source: Zacks Investment Research
Rezpeg was earlier developed in collaboration with Eli Lilly for several autoimmune indications. However, in February, LLY announced that the phase II study evaluating rezpeg for systemic lupus erythematosus (SLE) did not meet the primary endpoint of a reduction in SLE disease activity index at six months. LLY and Nektar were also co-developing the candidate for AD. Following the above setback, Eli Lilly notified Nektar that it does not intend to advance rezpeg for SLE treatment.
Looking ahead, Nektar plans to begin a phase IIb study evaluating rezpeg in patients with moderate-to-severe AD by October 2023. Initial data from this study is expected to be released in the first half of 2025. Nektar also plans to explore rezpeg’s potential in other autoimmune indications in the future.
In the past 90 days, the Zacks Consensus Estimate for JAZZ Pharmaceuticals has gone up from earnings of $17.41 per share to $17.49 for 2023. The bottom-line estimate has also moved up from $19.37 to $19.48 for 2024 during the same time frame. Shares of the company rallied 5.9% in the past week.
JAZZ’s earnings beat estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average negative surprise of 27.59%.
In the past 90 days, the Zacks Consensus Estimate for Corcept has gone up from earnings of 67 cents per share to 75 cents for 2023. The bottom-line estimate has also improved from 64 cents to 81 cents for 2024 during the same time frame. Shares of the company have rallied 2.1% in the past week.
CORT’s earnings beat estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average surprise of 6.99%.
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Nektar (NKTR) Stock Surges 75% in a Week: Here's Why
Nektar’s (NKTR - Free Report) shares soared as the company announced new and promising corrected data from studies on its lead pipeline candidate rezpeg. According to NKTR, data from the studies were previously reported inappropriately by its then partner Eli Lilly (LLY - Free Report) .
Nektar regained full rights to rezpeg from Eli Lily in April 2023, and will now take charge of its clinical development. Rezpeg is now a wholly owned asset of Nektar, and the latter owes no royalty payments to LLY.
On Tuesday, Nektar said that the efficacy data, previously generated by Eli Lilly from rezpeg studies, was miscalculated for both atopic dermatitis and psoriasis.
The correct data from the phase Ib study for atopic dermatitis demonstrated that 12 weeks of treatment with rezpeg, at the highest dose, resulted in a mean EASI score improvement of 83% and an EASI 75 response rate of 41%. EASI is a widely used and validated standard measurement for AD studies. Notably, the revised data showed that rezpeg provided a rapid and steep drop in EASI scores immediately after the initiation of therapy.
The above discovery was made shortly after all rights to rezpeg were returned to Nektar, and the raw data files from the rezpeg clinical studies were transferred to NKTR. The company appointed an independent statistical firm to analyze the raw data that subsequently identified the errors. These errors were confirmed by Eli Lilly in written communication.
Nektar’s shares have rallied almost 75.2% in the past week against the industry's 0.7% decline.
Image Source: Zacks Investment Research
Rezpeg was earlier developed in collaboration with Eli Lilly for several autoimmune indications. However, in February, LLY announced that the phase II study evaluating rezpeg for systemic lupus erythematosus (SLE) did not meet the primary endpoint of a reduction in SLE disease activity index at six months. LLY and Nektar were also co-developing the candidate for AD. Following the above setback, Eli Lilly notified Nektar that it does not intend to advance rezpeg for SLE treatment.
Looking ahead, Nektar plans to begin a phase IIb study evaluating rezpeg in patients with moderate-to-severe AD by October 2023. Initial data from this study is expected to be released in the first half of 2025. Nektar also plans to explore rezpeg’s potential in other autoimmune indications in the future.
Nektar Therapeutics Price and Consensus
Nektar Therapeutics price-consensus-chart | Nektar Therapeutics Quote
Zacks Rank & Other Stocks to Consider
Nektar currently carries a Zacks Rank #2 (Buy).
A couple of other top-ranked stocks in the same industry are JAZZ Pharmaceuticals (JAZZ - Free Report) and Corcept Therapeutics (CORT - Free Report) , both carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 90 days, the Zacks Consensus Estimate for JAZZ Pharmaceuticals has gone up from earnings of $17.41 per share to $17.49 for 2023. The bottom-line estimate has also moved up from $19.37 to $19.48 for 2024 during the same time frame. Shares of the company rallied 5.9% in the past week.
JAZZ’s earnings beat estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average negative surprise of 27.59%.
In the past 90 days, the Zacks Consensus Estimate for Corcept has gone up from earnings of 67 cents per share to 75 cents for 2023. The bottom-line estimate has also improved from 64 cents to 81 cents for 2024 during the same time frame. Shares of the company have rallied 2.1% in the past week.
CORT’s earnings beat estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average surprise of 6.99%.