Goldman Throws in the Towel on Nektar After $14 Billion Drop
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Nektar Therapeutics bull Goldman Sachs is calling it quits after recommending shares since December despite the stock’s slide and subsequent removal from the S&P 500 Index.
Goldman’s Paul Choi downgraded shares two notches, to a sell from buy, citing a lack of near-term catalysts amid drug quality issues and a narrower investor focus for its cancer drug among recent pressures on the stock. He slashed his price target to a Street-low of $16 from $54, which had implied shares could nearly triple from current levels.