Nektar surges 14% on positive atopic dermatitis trial data
Phase 2b results show strong maintenance responses, clearing path for Phase 3 advancement in 2026
Nektar Therapeutics shares jumped 14% in pre-market trading Tuesday after the biotechnology company reported positive maintenance data from its Phase 2b REZOLVE-AD study of rezpegaldesleukin for moderate-to-severe atopic dermatitis, reinforcing confidence in the drug's commercial potential.
The 36-week maintenance data revealed that 71% of patients on monthly dosing and 83% on quarterly dosing maintained EASI-75 responses, which represents at least a 75% improvement in eczema severity scores. Even more strikingly, complete disease clearance rates—measured by EASI-100—increased between two and fivefold during the maintenance period. Among re-randomized patients, monthly dosing drove EASI-100 responses from 4% to 22%, while quarterly dosing improved responses from 9% to 18% according to the company's data.
For patients who entered the maintenance phase already showing a strong response, monthly dosing pushed complete clearance rates to 30% from 6%, and quarterly dosing achieved 27% from 14%, demonstrating deepening efficacy over time. The drug's safety profile remained consistent with earlier findings, with injection site reactions being the most common adverse event—77% of cases classified as mild—and only 3.5% of patients discontinuing treatment due to side effects as reported by StreetInsider.
The results position Nektar to advance rezpegaldesleukin into Phase 3 trials in the second quarter of 2026, with a Biologics License Application targeted for 2029. The drug previously received FDA Fast Track designation in February 2025 for moderate-to-severe atopic dermatitis, a chronic inflammatory skin condition affecting millions worldwide.
Atopic dermatitis represents a multibillion-dollar market dominated by Sanofi and Regeneron's Dupixent, which generated $11.6 billion in 2023 sales, along with newer entrants like AbbVie's Rinvoq and Pfizer's Cibinqo. Nektar's drug, a selective interleukin-2 cytokine receptor agonist, offers a differentiated mechanism of action that could provide physicians and patients with an alternative treatment option if approved.
Analysts remain broadly optimistic on Nektar's prospects despite the long development timeline. The stock currently carries a consensus target price of $114.43, representing more than triple its current level of roughly $37, with six analysts rating the shares a buy and one strong buy, according to market data. The company's market capitalization stands at approximately $749 million.
Nektar has experienced significant volatility in recent years, with shares trading between $6.45 and $66.92 over the past 52 weeks. The biotech company, which specializes in oncology, autoimmune disorders, and chronic pain therapies, reported negative earnings per share of $9.83 over the trailing twelve months on revenue of $62.6 million, reflecting the heavy investment required for clinical development programs.
The maintenance data readout comes at a critical time for Nektar, which has been working to rebuild investor confidence after previous clinical setbacks. The company's ability to demonstrate both durability and deepening of responses over time—key attributes for chronic conditions like atopic dermatitis—addresses a central question about rezpegaldesleukin's potential as a long-term therapy.
Looking ahead, investors will focus on the design of Phase 3 trials and potential partnership opportunities as Nektar seeks to fund the late-stage development program. With the atopic dermatitis market projected to grow significantly through the end of the decade, successful commercialization of rezpegaldesleukin could substantially reshape the company's financial trajectory.