Nektar Can't Shake Tempered Exubera

If you think the stumbling start of inhaled-insulin treatment Exubera has hurt Pfizer(PFE Quote), then look at what has happened to its partner, Nektar Therapeutics(NKTR Quote).

Since the Food and Drug Administration approved Exubera in late-January 2006, Nektar, which developed the insulin-inhalation device and the powdered insulin used in the device, has seen its share price drop more than 40%.

But despite Exubera's terrible debut, and despite some analysts' fears of slow acceptance at least into 2008, Wall Street remains remarkably positive about Nektar. Thomson First Call counts nine buy recommendations and four neutral ratings. Most bulls have endorsed the stock for more than 12 months, and some have been cheering since 2004. ...