Nektar Therapeutics (NASDAQ:NKTR) Trading Down 7.6% – Here’s What Happened

Shares of Nektar Therapeutics (NASDAQ:NKTR) were down 7.6% on Wednesday . The stock traded as low as $10.48 and last traded at $10.49. Approximately 50,623 shares changed hands during trading, a decline of 61% from the average daily volume of 130,698 shares. The stock had previously closed at $11.35.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Wall Street Zen downgraded Nektar Therapeutics from a “hold” rating to a “sell” rating in a research report on Wednesday, May 14th. Oppenheimer upgraded Nektar Therapeutics from a “market perform” rating to an “outperform” rating and set a $90.00 target price for the company in a report on Friday, March 14th. HC Wainwright restated a “buy” rating and issued a $97.50 price target on shares of Nektar Therapeutics in a report on Thursday, March 13th. Jefferies Financial Group raised shares of Nektar Therapeutics from a “hold” rating to a “buy” rating and lifted their price target for the company from $15.00 to $30.00 in a research report on Friday, April 11th. Finally, William Blair reissued a “market perform” rating on shares of Nektar Therapeutics in a research report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Nektar Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.50.

Nektar Therapeutics Stock Down 3.9%

The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of -9.96 and a beta of 0.55. The stock has a 50 day moving average of $9.97 and a 200 day moving average of $12.26.

Nektar Therapeutics (NASDAQ:NKTR) last posted its earnings results on Thursday, May 8th. The biopharmaceutical company reported ($3.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.70) by ($0.60). Nektar Therapeutics had a negative net margin of 180.70% and a negative return on equity of 173.28%. The company had revenue of $10.46 million during the quarter, compared to the consensus estimate of $15.61 million. During the same quarter in the previous year, the business posted ($2.70) earnings per share. Analysts predict that Nektar Therapeutics will post -0.72 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in NKTR. Nantahala Capital Management LLC grew its position in Nektar Therapeutics by 90.0% during the 4th quarter. Nantahala Capital Management LLC now owns 7,810,000 shares of the biopharmaceutical company’s stock worth $7,263,000 after purchasing an additional 3,700,000 shares in the last quarter. Almitas Capital LLC grew its stake in Nektar Therapeutics by 401.1% in the first quarter. Almitas Capital LLC now owns 4,610,872 shares of the biopharmaceutical company’s stock valued at $3,135,000 after purchasing an additional 3,690,647 shares in the last quarter. Woodline Partners LP increased its position in Nektar Therapeutics by 187.3% in the 4th quarter. Woodline Partners LP now owns 4,974,512 shares of the biopharmaceutical company’s stock worth $4,626,000 after purchasing an additional 3,242,841 shares during the last quarter. Altium Capital Management LLC raised its stake in shares of Nektar Therapeutics by 26,172.0% during the 4th quarter. Altium Capital Management LLC now owns 3,000,000 shares of the biopharmaceutical company’s stock worth $2,790,000 after purchasing an additional 2,988,581 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of Nektar Therapeutics by 336.9% during the 1st quarter. AQR Capital Management LLC now owns 3,640,851 shares of the biopharmaceutical company’s stock valued at $2,463,000 after buying an additional 2,807,595 shares during the last quarter. 75.88% of the stock is owned by hedge funds and other institutional investors.

Nektar Therapeutics Company Profile

Nektar Therapeutics, a biopharmaceutical company, focuses on discovering and developing medicines in the field of immunotherapy in the United States and internationally. The company is developing rezpegaldesleukin, a cytokine Treg stimulant that is in phase 2 clinical trial for the treatment of systemic lupus erythematosus and ulcerative colitis, as well as phase 2b clinical trial to treat atopic dermatitis and psoriasis; and NKTR-255, an IL-15 receptor agonist, which is in phase 1 clinical trial to boost the immune system's natural ability to fight cancer.