Dec. 16 at 4:13 PM
Oppenheimer⬆️
$NKTR's PT to
$115 from
$98 and reiterated at an Outperform rating.
LLY
$REGN SNY PFE ABBV
$APGE $CRVS $JNJ
Oppenheimer said in its note: NKTR provided updates on topline results from the Ph2b REZOLVE-AA study evaluating rezpeg in alopecia areata.
While technically the study missed the primary endpoint (mean percent SALT change at week-36) by a whisker, excluding four patients with eligibility violations suggests a nominal statistical significance for both 24mcg/kg and 18mcg/kg doses.
Moreover, about 15% of patients achieved SALT ≤20, which aligns with the lower end (15-25%) of the upside scenario outlined in our preview.
Last, rezpeg showed a consistent safety profile with previously reported data.
Taken together, we see compelling activity for rezpeg in AA, which, to our knowledge, is the first of its kind for a biologic (Exhibits 1-3).
Our PT goes to
$115 from
$98 by increasing our estimated PoS for rezpeg in AA to 50%.
