NKTR Drug delivery Company Message Board

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Biotech / Medical : NKTR Drug delivery Company

NKTR 56.70

+5.1%

Nov 14 9:30 AM EST

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To: tuck who wrote (89)	8/4/2006 8:08:08 PM
From: Ian@SI	of 507

Here's one guy that really doesn't like NKTR ... 09:25 am Nektar Therapeutics: Friedman Billings reiterates Mkt Perform. Target $19 to $16. Firm cuts price tgt following Q2 results. Firm notes that due to margins, there was little bottom-line impact to top-line upside. Based on the Pfizer pushout of the broad launch and the phased nature of the rollout, the firm lowered our Exubera end-user sales to $102 mln in 2006, $769 mln in 2007, $1.12 bln in 2008, and $1.49 bln in 2009. Combined with lower-margin manufacturing revenue, they now have first-year profitability pushed out a year to 2009. They say expectations for Exubera's rollout have come down to the makable point, at least for 2006. After updating the model to reflect a more accurate view of the margins, they believe the stock's current fair value is around $14.

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