Goldman Sachs analyst Paul Choi upgraded Nektar Therapeutics (NKTR) to Neutral from Sell with a price target of $20, up from $18.
While recognizing the potential risk of delays across its clinical programs, the analyst thinks Nektar is well positioned weather the impact from COVID-19.
The company has $1.6B in cash and long-term investments, bempeg data in melanoma and lung could come by the end of 2020, and the NKTR-358 lupus data at mid-year should support expansion into additional autoimmune indications, Choi tells investors in a research note.
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