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Nektar Therapeutics Message Board

  • gladpick gladpick Jun 4, 2008 9:08 AM Flag

    Lehman's update

    "Nektar Therapeutics (NKTR - US$ 4.49) 1-Overweight Specialty Pharmaceuticals
    Company Update
    NKTR-102 Gains Some Deserved Visibility

    Investment Conclusion

    • We continue to expect increased investor
    appreciation for Nektar's growing proprietary
    pipeline, in particular NKTR-102, given its
    promising, albeit, early-stage trial results &
    potential broad spectrum of tumor targets. While
    this appreciation may take some time, we believe
    that current valuation translates to an attractive
    risk/reward profile.
    Summary

    • Yesterday, Nektar announced positive Phase 1
    results for NKTR-102 (PEG- irinotecan) in
    advanced cancer patients whose cancers have
    advanced on other therapies.
    • Most encouraging to us were comments made by
    the lead investigator of the Phase 1 trial, who
    stated that response rates were well above the 4%
    level typical of single compounds in Phase 1, with
    repeat evidence of activity in a number of different
    tumor types.
    • Nektar also announced plans for a Phase 2 study
    for NKTR-102 in a subset of advanced colorectal
    cancer patients, a Phase 2 trial in metastatic
    breast cancer & another in platinum-resistant
    ovarian cancer, all expected to begin in 2H08.
    Stock Rating Target Price

    New: 1-Overweight New: US$ 9.00 "

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    • gladpick - Thanks for posting the Lehman research piece. I found the following statement particularly telling:

      "Most encouraging to us were comments made by the lead investigator of the Phase 1 trial"

      Dr. Von Hoff was blunt with his optimism based on what he had personally seen with patients whose cancer responded positively to NKTR-102 after failing on existing approved drugs. Dr. Von Hoff also did not hedge his opinion that the likelihood of NKTR-102 ultimately being approved is high. This is a guy who has been involved in clinical testing of many cancer drugs that have been approved and have gone on to commercial success. I think he's an asset to Nektar in terms of helping determine the best course of action to gain approval of NKTR-102 as well as being a respected voice to potential partners and the investment community.

      One comment that Dr. Von Hoff made that I found interesting was that 80% of cancer drugs are prescribed for off label indications. This number surprised me. I wonder how the oncologists who do this get around the liability of prescribing drugs that haven't been approved by the FDA for these off-label indications?

      Good luck to NKTR longs.

 
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