Nektar Therapeutics (NASDAQ:NKTR) Stock Price Up 7.7% – Here’s What Happened

Nektar Therapeutics (NASDAQ:NKTR)’s stock price rose 7.7% on Tuesday . The company traded as high as $70.74 and last traded at $70.4290. 484,115 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 1,104,051 shares. The stock had previously closed at $65.39.

Wall Street Analysts Forecast Growth

NKTR has been the topic of several recent analyst reports. HC Wainwright boosted their price objective on Nektar Therapeutics from $165.00 to $185.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Wall Street Zen raised shares of Nektar Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. Oppenheimer restated an “outperform” rating and set a $140.00 price target on shares of Nektar Therapeutics in a report on Friday, March 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Nektar Therapeutics in a research report on Tuesday, June 2nd. Finally, TD Cowen began coverage on shares of Nektar Therapeutics in a research note on Tuesday, March 17th. They issued a “buy” rating for the company. Nine research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Nektar Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $149.62.

Nektar Therapeutics Stock Down 7.8%

The stock has a market capitalization of $2.18 billion, a PE ratio of -7.65 and a beta of 1.13. The stock’s 50-day moving average is $70.14 and its 200 day moving average is $62.66.

Nektar Therapeutics (NASDAQ:NKTR) last issued its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.58) by ($0.24). Nektar Therapeutics had a negative net margin of 284.18% and a negative return on equity of 85.40%. The company had revenue of $10.86 million for the quarter, compared to analyst estimates of $10.69 million. As a group, equities research analysts forecast that Nektar Therapeutics will post -9.45 EPS for the current year.

Insider Activity

In other Nektar Therapeutics news, insider Jonathan Zalevsky sold 5,538 shares of the company’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $60.71, for a total value of $336,211.98. Following the transaction, the insider directly owned 15,437 shares of the company’s stock, valued at $937,180.27. This represents a 26.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Howard W. Robin sold 10,000 shares of Nektar Therapeutics stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $60.32, for a total value of $603,200.00. Following the sale, the chief executive officer owned 65,045 shares of the company’s stock, valued at approximately $3,923,514.40. This represents a 13.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 16,181 shares of company stock worth $981,535. Insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On Nektar Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets lifted its stake in Nektar Therapeutics by 93.8% in the third quarter. BNP Paribas Financial Markets now owns 434 shares of the biopharmaceutical company’s stock valued at $25,000 after acquiring an additional 210 shares during the last quarter. KBC Group NV bought a new stake in Nektar Therapeutics during the first quarter worth approximately $52,000. Headlands Technologies LLC acquired a new position in Nektar Therapeutics during the second quarter valued at approximately $65,000. State of Wyoming bought a new position in shares of Nektar Therapeutics in the first quarter valued at approximately $67,000. Finally, Integrated Wealth Concepts LLC bought a new position in shares of Nektar Therapeutics in the first quarter valued at approximately $68,000. Institutional investors own 75.88% of the company’s stock.

About Nektar Therapeutics

Nektar Therapeutics (NASDAQ:NKTR) is a biopharmaceutical company dedicated to discovering and developing novel drug candidates through its proprietary chemistry and immunology platforms. The company focuses on polymer conjugate technology, which enables the creation of longer-acting versions of existing drugs, and on T-cell modulatory therapies aimed at harnessing the body’s immune system to treat cancer and other serious diseases.

Nektar’s product portfolio and pipeline include a range of clinical-stage and partnered programs.