Merrill holds Nektar at buy

Nektar Therapeutics Inc. was kept at a buy rating by Merrill Lynch analyst Hari Sambasivam after Britain's National Institute for Health and Clinical Excellence issued a preliminary pharmacoeconomic opinion indicating that Exubera is not cost effective. A final ruling is expected in October 2006, with an interim meeting in May. The analyst's model is projecting lower Exubera sales outside the United States due to reimbursements. Shares of the San Carlos, Calif., biopharmaceutical company were up 31 cents, or 1.48%, at $21.21 on volume of 970,940 shares versus the three-month running average of 1,795,250 shares. (Nasdaq: NKTR)

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