Hapoalim Lowers PT on Nektar Therapeutics to $17 (NKTR)

Hapoalim is out with its report on Nektar Therapeutics

, lowering its price target from $19 to $17. In a note sent to clients, Hapoalim writes, "Nektar is moving slowly on the planning of its Phase 3 program for NKTR-102 in breast and ovarian cancer, implying 2012 will now be the year that we see major trial results. The company also stated that NKTR-105 will be placed on hold due to development constraints and as a result, we are lowering our Price Target for Nektar from $19 to $17. While NKTR's pipeline has slowed slightly we continue to see long-term value in the name and reiterate our BUY rating." Shares of NKTR closed Tuesday at $9.73, up 1.46% from Monday's close.