UPDATE: J.P. Morgan Lowers PT on Nektar Therapeutics to $15 (NKTR)

J.P. Morgan is out with its report today on Nektar Therapeutics NKTR, lowering its price target from $17 to $15. In a note to clients, J.P. Morgan writes, "Despite the disappointing performance of NKTR's shares since the surprising decision to go it along with NKTR-102 in Dec, we still believe the stock represents an attractive long-term opportunity based on its tech platform and broad pipeline. Reducing PT to $15 from $17 due to dilution from the recent financing, partially offset by an increase in the YE11 cash balance." At the time of posting, shares of NKTR were trading at $9.60, down 1.34% from Tuesday's close.