Nektar Therapeutics (NKTR) shares dropped 7.17% in pre-market trading as mixed Phase 2b trial results for alopecia treatment emerged.

Nektar Therapeutics (NKTR) shares dropped 7.17% in pre-market trading on December 23, 2025, as investors reacted to mixed outcomes from its Phase 2b trial for an alopecia treatment. The stock’s decline followed the release of data showing the experimental drug rezpegaldesleukin narrowly missed its primary endpoint in an intent-to-treat analysis, though the company highlighted statistically significant results after excluding four ineligible patients.

The drug demonstrated a 28.2% and 30.3% reduction in SALT scores compared to 11.2% for placebo, but these results lacked statistical significance (p-values of 0.186 and 0.121). Nektar emphasized that removing the four outliers—deemed ineligible—allowed both dosage arms to meet significance thresholds, validating the drug’s potential as a first-in-class Treg mechanism. The company plans to advance to Phase 3 trials in 2026.

Analysts remain cautiously optimistic, with BTIG raising its price target to $118 from $100 and H.C. Wainwright increasing its target to $135 from $120. The adjusted data and the drug’s clean safety profile are seen as positives, despite the headline miss. However, short-term selling pressure has pushed the stock 24% below its recent average price, though it remains 38% above its long-term average, suggesting potential support levels.

Nektar’s stock maintains a high momentum score of 98.98, with long-term technical indicators remaining positive. The mixed market reaction underscores the challenge of balancing immediate trial shortcomings with the broader potential of rezpegaldesleukin in addressing unmet needs in alopecia treatment.