Merrill puts Nektar at buy

Nektar Therapeutics Inc. was given a buy rating by Merrill Lynch analyst Hari Sambasivam after marketing partner Pfizer pushed back its expanded launch of Exubera to January 2007 due to scale up issues. Merrill will review its model which currently includes U.S. end-user sales for Exubera of $60 million in 2006 and $250 million in 2007. Shares of the San Carlos, Calif.-based biopharmaceutical company were down 37 cents, or 2.35%, at $15.35. (Nasdaq: NKTR)

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