Apr. 20 at 12:44 PM
Oppenheimer reiterated
$NKTR Outperform;
$140, and said: This morning, Nektar reported 16-week extension treatment results from the Ph2b REZOLVE-AA study of rezpeg in alopecia areata (AA).
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Oppenheimer added—Longer treatment with rezpeg demonstrated greater efficacy over time, with the combined SALT≤20 rate reaching ~28% (24µg/kg) at Week-52, meeting our best-case scenario (25-30% range) as we outlined in our recent data preview.
Rezpeg's safety profile remained consistent with prior results.
We are encouraged by the update, as the results:
1) support the Ph3 design using a longer 52-week induction at 24µg/kg dose;
2) strengthen rezpeg's opportunity and positioning in AA, given its potentially superior efficacy vs. low-dose Olumiant and a clean safety profile vs. the JAK inhibitor class; and
3) further validate rezpeg's profile and its pipeline-in-a-product potential.
We reiterate our Outperform rating.
