Leerink 将 Nektar、Protagonist、Shattuck 列为新兴生物技术首选并给出高额目标价，但属券商观点、无新增基本面事实

Leerink Partners named Nektar Therapeutics ( NKTR ), Protagonist Therapeutics ( PTGX ), and Shattuck Labs ( STTK ) as its top picks in the emerging technology sector. For Nektar, the firm cited the novel Treg mechanism used in its phase 3 asset rezpegaldesleukin (rezpeg) for atopic dermatitis, "could become a new class across chronic [immunology and inflammation] diseases. While Nektar shares are off significantly from highs earlier in the year, analyst Will Soghikian sees a good entry point ahead of off-treatment atopic dermatitis data due in Q1 2027. Leerink has a price target (~216% upside based on Oct. 9 close). The approval of Protagonist's Icotyde (icotrokinra)—jointly developed with Johnson and Johnson ( JNJ )—and Mimrylo (rusfertide)—commercialization rights are held by Takeda ( TAK )—as well as royalties from the two medicines "validate the company's peptide platform." Soghikian said that Icotyde has the potential to be one of J&J's biggest products ever with $16.8B in peak sales, while he sees $2.9B in peak sales for Mimrylo. His price target for Protagonist is $190 (~32% upside). Soghikan favors Shattuck Labs because he sees its "DR3 antagonism pipeline as a differentiated way to play the validated TL1A/DR3 axis." The company's potential first-in-class antibodies are designed to target DR3, the receptor for TL1A, a protein known to cause inflammation. The analyst highlighted SL-325, which is phase 2 for both Crohn's disease and hidradenitis suppurativa. Data from those two trials is expected to be released in H1 2028. Soghikan noted that phase 1 data for SL-325 "showed durable DR3 blockade and low immunogenicity." His price target for Shattuck is $16 (168% upside).