Key Highlights

  • Nektar Therapeutics shares are trading at $48.67 in Thursday's session, down 19.62% on Volume well above average.
  • New data showed a SALT Score of 20 or less maintained in 75% of evaluable alopecia areata patients four months off treatment and 63% at six months.
  • Those percentages come from just eight patients, and the selloff suggests investors expected stronger durability.
  • A third Phase 3 atopic dermatitis study has started, and a Phase 3 alopecia areata study is planned for early 2027.

Positive Durability Data Meets a 20% Selloff

Nektar Therapeutics (NASDAQ:NKTR) is sliding sharply in Thursday's session even though the San Francisco-based clinical-stage biotech presented encouraging long-term data for its lead candidate, rezpegaldesleukin, a regulatory T cell-stimulating therapy. The shares are down about 20% at $48.67 on volume far above the recent average.

The release described durability and deepening of response in two skin conditions, yet the reaction suggests the six-month off-treatment alopecia areata results may have fallen short of expectations. The decline has not been tied to any specific disclosure, so the exact trigger is unconfirmed.

Off-Treatment Results Rest on Just Eight Patients

In the Phase 2b REZOLVE-AA study, 75% (6 of 8) of patients treated for 52 weeks maintained a SALT Score of 20 or less four months after stopping treatment, and 63% (5 of 8) did so at six months. The share of patients with a SALT Score of 10 or less rose from 7% at the end of treatment to 19% six months later.

A SALT Score of 20 or less means at least 80% of the scalp is covered by hair.

Atopic Dermatitis Data and Phase 3 Plans Offer a Counterweight

In the REZOLVE-AD maintenance data, the share of re-randomized patients with complete skin clearance rose from 4% to 22% on monthly dosing and from 9% to 18% on quarterly dosing between Week 16 and Week 52. Nektar has started its third Phase 3 atopic dermatitis study, in patients with prior biologic or JAK inhibitor experience, and plans to begin an 850-patient Phase 3 alopecia areata study in early 2027.

A Single-Asset Story Leaves Little Cushion

Nektar has no approved products and depends heavily on rezpegaldesleukin, which is also being studied in Type 1 diabetes. The stock was already down about 21% over the prior month and trades within a 52-week range of $33.40 to $109.00.

A brokerage reiterated a Buy rating with a $178 target, well above the current price, and healthcare peers were steady, so the move appears specific to Nektar.