Nektar surges on eczema drug breakthrough, blockbuster potential in sight

Shares of Nektar Therapeutics (NASDAQ: NKTR) soared nearly 160% on June 24 after the US biotech reported promising results from a mid-stage trial of its lead experimental drug, Rezpeg, for atopic dermatitis (AD) — a common inflammatory skin condition. The rally puts Nektar among a growing cohort of micro-cap biopharma stocks gaining momentum on the back of positive clinical data.

Rezpeg met both primary and secondary endpoints in its Phase 2b trial, prompting analysts to sharply raise their sales forecasts. Visible Alpha consensus shows risk-adjusted revenue estimates for the drug in AD now stand at $18 million in 2028, with upward revisions of 136% and 82% for 2029 and 2030, respectively. By 2032, Rezpeg in AD is forecast to contribute 76% of Nektar’s total revenue. Analysts currently assign a 65% probability of success for the drug in this indication.

Longer term, analysts project blockbuster sales of $1 billion by 2034 for Rezpeg in AD, with peak global revenue expected to exceed $2 billion by 2038.

The drug, which has received Fast Track designation from the US FDA, is also being studied for alopecia areata, an autoimmune disorder that causes hair loss. Results from that second Phase 2b trial are expected in the fourth quarter of 2025 and are viewed by analysts as a critical near-term catalyst.