UPDATE: Deutsche Bank Lowers PT on Nektar Therapeutics to $11

Deutsche Bank is out with its report today on Nektar Therapeutics NKTR, lowering its PT from $14 to $11. In its report, Deutsche Bank writes, "Reflecting recent multiple compression in the sector, we are reducing our 12 month price target to $11 (from $14), based on 20x (vs 25x previously) our 2015 EPS est, discounted at 25% for three years." Deutsche Bank maintains Buy on NKTR. Shares of NKTR closed Friday at $5.35, down 0.74% from Thursday's close.