Merrill maintains Nektar at buy

Nektar Therapeutics was maintained by Merrill Lynch analyst Hari Sambasivam at a buy rating and $23 price target on news that the PDUFA date for Exubera is slated for Jan. 27. Merrill said it anticipates either an approval or an approvable letter with only minor conditions. Key milestones for the company this year include final approval in the United States and European Union for Exubera, possible purchase of sanofi's share of Exubera and data disclosure at major medical conferences. If Exubera's launch is delayed, Merrill said its price target for Nektar would drop to $20 from $23. Shares of the San Carlos, Calif., biopharmaceutical company were down 49 cents, or 2.61%, at $18.29 on volume of 1,287,812 versus the three-month running average of 1,165,230 shares. (Nasdaq: NKTR)

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