Nektar price target lowered by Merrill

Nektar Pharmaceuticals Inc. was maintained by Merrill Lynch analyst Hari Sambasivam at a buy rating but the price target on the stock was lowered to $23 per share from $25 due to dilution resulting from issuance of $315 million in convertible debt. Nektar shares Friday lost 33 cents, or 1.91%, at $16.95 on volume of 1.27 million shares versus the three-month running average of 1.68 million shares.

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