Nektar Therapeutics (NASDAQ:NKTR) Upgraded by TD Cowen to Strong-Buy Rating

Key Points

• TD Cowen upgraded Nektar Therapeutics to “strong buy,” while the broader analyst consensus remains “moderate buy” with an average price target of $141.50.
• Nektar’s shares opened at $73.69, within a $26.45–$109.00 52-week range. The company beat quarterly EPS estimates, reporting a loss of $1.23 per share versus the expected $1.97 loss, though revenue slightly missed forecasts.
• Insiders sold 21,823 shares worth approximately $1.38 million in the last quarter, while institutional investors own 75.88% of the company and several funds recently increased their stakes.

Nektar Therapeutics (NASDAQ:NKTR - Get Free Report) was upgraded by stock analysts at TD Cowen to a "strong-buy" rating in a report issued on Monday,Zacks.com reports.

Other analysts have also recently issued reports about the stock. Piper Sandler upped their price target on shares of Nektar Therapeutics from $105.00 to $192.00 and gave the stock an "overweight" rating in a research report on Friday, May 8th. JPMorgan Chase & Co. assumed coverage on Nektar Therapeutics in a research report on Friday. They issued a "neutral" rating and a $65.00 price objective on the stock. Wall Street Zen upgraded Nektar Therapeutics from a "sell" rating to a "hold" rating in a research note on Sunday, May 17th. Wedbush decreased their target price on Nektar Therapeutics from $95.00 to $80.00 and set a "neutral" rating for the company in a research report on Monday, May 11th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Nektar Therapeutics in a research note on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Nektar Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $141.50.

Nektar Therapeutics Stock Performance

NKTR opened at $73.69 on Monday. Nektar Therapeutics has a 1 year low of $26.45 and a 1 year high of $109.00. The firm has a 50 day moving average price of $69.88 and a 200 day moving average price of $70.83. The company has a market cap of $2.52 billion, a PE ratio of -11.00 and a beta of 1.14.

Nektar Therapeutics (NASDAQ:NKTR - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The biopharmaceutical company reported ($1.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.97) by $0.74. Nektar Therapeutics had a negative net margin of 287.84% and a negative return on equity of 37.87%. The company had revenue of $10.13 million during the quarter, compared to analyst estimates of $10.43 million. On average, sell-side analysts predict that Nektar Therapeutics will post -8.6 earnings per share for the current year.

Insider Activity at Nektar Therapeutics

In other news, insider Jonathan Zalevsky sold 5,681 shares of Nektar Therapeutics stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $70.00, for a total value of $397,670.00. Following the completion of the transaction, the insider directly owned 9,756 shares of the company's stock, valued at approximately $682,920. The trade was a 36.80% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Howard W. Robin sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $60.32, for a total value of $603,200.00. Following the transaction, the chief executive officer owned 65,045 shares of the company's stock, valued at $3,923,514.40. This represents a 13.33% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 21,823 shares of company stock valued at $1,380,558. Insiders own 2.50% of the company's stock.

Hedge Funds Weigh In On Nektar Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC grew its position in Nektar Therapeutics by 336.9% in 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 in the last quarter. California State Teachers Retirement System increased its stake in Nektar Therapeutics by 8,374.9% during the 2nd quarter. California State Teachers Retirement System now owns 2,430,784 shares of the biopharmaceutical company's stock valued at $169,693,000 after buying an additional 2,402,102 shares during the period. Two Seas Capital LP bought a new stake in shares of Nektar Therapeutics during the 4th quarter worth about $31,506,000. Prosight Management LP acquired a new stake in shares of Nektar Therapeutics in the 4th quarter worth approximately $23,450,000. Finally, Two Sigma Investments LP lifted its stake in shares of Nektar Therapeutics by 446.9% in the 3rd quarter. Two Sigma Investments LP now owns 434,237 shares of the biopharmaceutical company's stock worth $24,708,000 after acquiring an additional 354,842 shares during the period. 75.88% of the stock is owned by institutional investors.

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.

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