Nektar Therapeutics (NKTR) is back in focus after new Phase 2b data for rezpegaldesleukin in atopic dermatitis and alopecia areata at the 2026 American Academy of Dermatology meeting, alongside ongoing securities litigation tied to earlier trial conduct.

Rezpegaldesleukin’s new Phase 2b data and plans for a Phase 3 atopic dermatitis program arrive after a sharp swing in sentiment, with a 90 day share price return of 96.05% and a very large 1 year total shareholder return, following a longer term 5 year total shareholder return loss of 73.19%.

If this mix of clinical momentum and legal risk has your attention, it could be a good moment to see what else is moving in healthcare AI and related therapeutics via 36 healthcare AI stocks

With NKTR up 96% over 90 days, trading at US$77.85 and sitting well below the US$128.13 analyst target, is the rezpegaldesleukin story still undervalued, or is the market already pricing in future growth?

Most Popular Narrative: 39.2% Undervalued

With Nektar Therapeutics last closing at US$77.85 against a narrative fair value of US$128.13, the current price sits well below what the most followed model implies, and that gap is built on some very specific expectations about rezpegaldesleukin and long term margins.

Strong initial Phase IIb and ongoing data for REZPEG in atopic dermatitis, combined with a large and growing addressable market (expected to reach nearly $30B by 2033), position Nektar to access significant new revenue streams and improve long-term earnings as the population ages and chronic inflammatory diseases rise globally.

Want to see what kind of revenue ramp, margin shift and future earnings multiple are baked into that fair value, and how sensitive the outcome is to rezpegaldesleukin hitting those assumptions or falling short? The narrative spells out the projected revenue path, the profit margin swing and the valuation multiple needed to bridge from today’s losses to that higher price target.

Result: Fair Value of $128.13 (UNDERVALUED)

However, the story can break if rezpegaldesleukin stumbles in Phase 3 or if ongoing losses and the securities lawsuit tighten funding options faster than expected.

Another View: Multiples Paint a Very Different Picture

While the narrative fair value points to upside, Nektar’s current P/S of 40.4x sits far above the US Pharmaceuticals average of 4.7x and a fair ratio of 12.9x. That gap suggests a lot of future success is already baked in, so how comfortable are you with that pricing?

Next Steps

With all this mixed sentiment around rezpegaldesleukin, valuation and legal risk, it helps to look at the full picture and decide quickly where you stand. To see how the upside case stacks up against the concerns that other investors are flagging, take a closer look at the 1 key reward and 4 important warning signs

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.