Nektar Therapeutics (NASDAQ:NKTR) stock surged in premarket trading Wednesday after new long-term data showed its experimental eczema therapy delivered sustained and even deepening disease control through one year, strengthening its competitive positioning in the multibillion-dollar atopic dermatitis market.
William Blair upgraded Nektar Therapeutics after the company shared positive data from the 36-week blinded maintenance period of the 52-week REZOLVE-AD study of rezpegaldesleukin for moderate-to-severe atopic dermatitis.
Monthly or quarterly dosing regimens resulted in sustained disease control for Eczema Area Severity Index EASI-75, EASI-90, validated Investigator Global Assessment of Atopic Dermatitis (vIGA-AD) response, and Itch Numerical Rating Scale (NRS) response, with the 24 µg/kg monthly and quarterly regimens showing the highest maintenance of response at week 52.
A meaningful proportion of patients achieved new EASI-75, EASI-90, Itch NRS, and vIGA-AD 0/1 responses at Week 52, supporting increased disease control with prolonged therapy and less frequent dosing.
In maintenance, a 2 to 5-fold increase in the percentage of patients who achieved EASI-100 was observed in the 24 µg/kg monthly and quarterly dosing regimens.
Among all re-randomized patients from week 16 to week 52, monthly maintenance dosing increased EASI-100 response from 4% to 22% and quarterly dosing increased EASI-100 response from 9% to 18%.
Among re-randomized patients who had an EASI-75 or vIGA-AD response at maintenance baseline, monthly dosing increased EASI-100 response from 6% to 30% and Q12W dosing increased EASI-100 response from 14% to 27%.
Analyst Sees Competitive Edge
William Blair upgraded the stock to Outperform, given that rezpegaldesleuki continues to demonstrate deepening of response and durability with longer-term data.
“We are particularly impressed by the EASI-100 (complete disease clearance) attainment in roughly 20% of the patients re-randomized following induction, and about 30% for those who already had a response (EASI-75 or vIGA-AD 0 or 1),” analyst Andy Hsieh wrote in an investor note on Tuesday.
Analyst Hsieh also highlighted that EASI-75 and EASI-90 demonstrated remarkable similarity, and though the quarterly dosing demonstrated numerically lower vIGA-AD, the range of 59%-65% remains higher than competitor datasets of about 50%.
For EASI-75, the range of 74%-92% for the quarterly maintenance dose of rezpeg was also numerically higher than Sanofi SA’s (NASDAQ:SNY) and Regeneron Pharmaceuticals Inc.’s (NASDAQ:SNY) Dupixent’s 72%.
$300 Million Public Offering
On Tuesday, Nektar Therapeutics commenced a public offering to raise $300 million via equity.
NKTR Price Action: Nektar Therapeutics stock is extending its explosive rally into Wednesday’s premarket after a massive surge in the prior session. The stock closed Tuesday at $56.00, skyrocketing 51.07% in regular trading, and continued to climb in early trading Wednesday, rising another 5.54% to $59.10, according to Benzinga Pro data.
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