Merrill gives Nektar a buy rating

Nektar Therapeutics Inc. was rated by Merrill Lynch analyst Hari Sambasivam at buy after the company reported total revenues of $60.2 million, up from the analyst's estimate of $40.9 million for the quarter. The company had a GAAP net loss of $62.8 million, or $0.70 per share. An additional phase 1 study of Nektar's pegylated pain product is expected in 2006, with a phase 2 study in 2007. Shares of the San Carlos, Calif.-based biopharmaceutical company were down 25 cents, or 1.51%, at $16.29, on volume of 1,104,844 shares versus the three-month running average of 1,819,530 shares. (Nasdaq: NKTR)

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