Nektar Sinks 11% as Jury Weighs Damages in Eli Lilly Rezpeg Patent Fight
NKTR sits 83% above its 52-week low of $33.4 on elevated volume (2.3× avg).
Summary
Nektar shares fell 11% as a San Francisco jury deliberates in its patent dispute with Eli Lilly over Rezpeg. The jury has been out since Friday and reportedly asked about low and no damage outcomes, which may signal a weak damages case for Nektar. This is the first report of the deliberation phase and the market's negative reaction. The outcome will determine whether Nektar receives any damages from Lilly, a key financial catalyst given Nektar's $1.02 billion cash position and ongoing Phase 3 ZENITH AD trials. A verdict could come at any time and will likely move the stock sharply.
At the time of this announcement, NKTR was trading at $61.22 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $2.1B. The 52-week trading range was $33.40 to $109.00. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.