Piper Jaffray Companies Lowers Nektar Therapeutics (NASDAQ:NKTR) Price Target to $35.00

Nektar Therapeutics (NASDAQ:NKTR) had its target price cut by equities researchers at Piper Jaffray Companies from $50.00 to $35.00 in a research note issued to investors on Thursday, The Fly reports. The firm presently has an “overweight” rating on the biopharmaceutical company’s stock. Piper Jaffray Companies’ price target would suggest a potential upside of 74.65% from the stock’s previous close. Piper Jaffray Companies also issued estimates for Nektar Therapeutics’ Q1 2021 earnings at ($0.65) EPS, Q2 2021 earnings at ($0.70) EPS and Q3 2021 earnings at ($0.70) EPS.

Several other analysts also recently issued reports on NKTR. BidaskClub downgraded Nektar Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 16th. Cfra set a $35.00 price target on Nektar Therapeutics and gave the stock a “hold” rating in a research note on Friday, August 9th. ValuEngine upgraded Nektar Therapeutics from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 1st. Zacks Investment Research downgraded Nektar Therapeutics from a “buy” rating to a “hold” rating and set a $34.00 price target for the company. in a research note on Wednesday, July 31st. Finally, TheStreet downgraded Nektar Therapeutics from a “c” rating to a “d” rating in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Nektar Therapeutics currently has an average rating of “Hold” and an average price target of $34.57.

Shares of NKTR traded up $1.34 during midday trading on Thursday, reaching $20.04. The stock had a trading volume of 3,963,600 shares, compared to its average volume of 2,359,833. The firm’s 50 day moving average price is $17.90 and its 200-day moving average price is $26.15. The company has a debt-to-equity ratio of 0.22, a current ratio of 14.09 and a quick ratio of 13.97. Nektar Therapeutics has a 52 week low of $15.64 and a 52 week high of $47.11. The company has a market capitalization of $3.25 billion, a P/E ratio of 5.30 and a beta of 2.62.

Nektar Therapeutics (NASDAQ:NKTR) last released its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($0.56) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.73) by $0.17. The company had revenue of $29.22 million during the quarter, compared to the consensus estimate of $26.42 million. Nektar Therapeutics had a negative return on equity of 25.25% and a negative net margin of 354.90%. The firm’s revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.56) EPS. On average, equities analysts forecast that Nektar Therapeutics will post -2.85 earnings per share for the current year.

In related news, CFO Gil M. Labrucherie sold 25,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $17.79, for a total transaction of $444,750.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Howard W. Robin sold 12,551 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $18.15, for a total value of $227,800.65. Following the sale, the chief executive officer now owns 282,775 shares of the company’s stock, valued at approximately $5,132,366.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 169,328 shares of company stock valued at $3,587,957. 4.02% of the stock is owned by corporate insiders.

A number of large investors have recently made changes to their positions in NKTR. Crossmark Global Holdings Inc. raised its holdings in Nektar Therapeutics by 2.2% in the 2nd quarter. Crossmark Global Holdings Inc. now owns 14,244 shares of the biopharmaceutical company’s stock valued at $507,000 after acquiring an additional 301 shares in the last quarter. CIBC Asset Management Inc raised its holdings in Nektar Therapeutics by 3.0% in the 2nd quarter. CIBC Asset Management Inc now owns 14,059 shares of the biopharmaceutical company’s stock valued at $500,000 after acquiring an additional 403 shares in the last quarter. Xact Kapitalforvaltning AB raised its holdings in Nektar Therapeutics by 1.5% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 31,980 shares of the biopharmaceutical company’s stock valued at $1,138,000 after acquiring an additional 470 shares in the last quarter. WINTON GROUP Ltd raised its holdings in Nektar Therapeutics by 7.9% in the 2nd quarter. WINTON GROUP Ltd now owns 7,283 shares of the biopharmaceutical company’s stock valued at $259,000 after acquiring an additional 532 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its holdings in Nektar Therapeutics by 7.6% in the 3rd quarter. Daiwa Securities Group Inc. now owns 7,820 shares of the biopharmaceutical company’s stock valued at $142,000 after acquiring an additional 550 shares in the last quarter. Hedge funds and other institutional investors own 93.37% of the company’s stock.

About Nektar Therapeutics

Nektar Therapeutics, a biopharmaceutical company, develops drug candidates for cancer, auto-immune disease, and chronic pain in the United States. The company develops NKTR-181, an orally-available mu-opioid analgesic molecule, which is in Phase III clinical trial for moderate to severe chronic pain; ONZEALD, a topoisomerase I inhibitor that is in Phase III clinical trial for advanced metastatic breast cancer in patients with brain metastases; and NKTR-214, a CD122-preferential interleukin-2 (IL-2) pathway agonist, which is in Phase I to treat immuno-oncology.

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