Bank of America Corp DE Raises Holdings in Nektar Therapeutics $NKTR

Key Points

• Bank of America increased its Nektar Therapeutics position by 126% in the first quarter, ending with 58,958 shares worth approximately $4.24 million. Hedge funds and institutional investors collectively own 75.88% of NKTR.
• Nektar insiders sold 21,823 shares worth about $1.38 million over the past quarter, including sales by CEO Howard W. Robin and insider Jonathan Zalevsky.
• Nektar reported a quarterly loss of $1.23 per share, outperforming estimates for a $1.97 loss, while revenue of $10.13 million fell slightly short of expectations. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $141.50.

Bank of America Corp DE lifted its position in Nektar Therapeutics (NASDAQ:NKTR - Free Report) by 126.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 58,958 shares of the biopharmaceutical company's stock after purchasing an additional 32,866 shares during the quarter. Bank of America Corp DE owned about 0.17% of Nektar Therapeutics worth $4,242,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. BNP Paribas Financial Markets increased its stake in Nektar Therapeutics by 93.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 434 shares of the biopharmaceutical company's stock worth $25,000 after acquiring an additional 210 shares during the last quarter. KBC Group NV bought a new position in shares of Nektar Therapeutics during the 1st quarter valued at approximately $52,000. State of Wyoming bought a new position in shares of Nektar Therapeutics during the 1st quarter valued at approximately $67,000. Quarry LP purchased a new position in shares of Nektar Therapeutics in the fourth quarter valued at $85,000. Finally, Headlands Technologies LLC purchased a new position in shares of Nektar Therapeutics in the second quarter valued at $65,000. 75.88% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Nektar Therapeutics news, insider Jonathan Zalevsky sold 5,681 shares of the firm's 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 sale, the insider owned 9,756 shares of the company's stock, valued at $682,920. This trade represents a 36.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 trade represents a 13.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 21,823 shares of company stock worth $1,380,558 over the last quarter. 2.50% of the stock is currently owned by insiders.

Nektar Therapeutics Stock Down 2.7%

Shares of NKTR opened at $72.52 on Friday. The business has a fifty day moving average of $70.94 and a 200 day moving average of $71.64. The company has a market cap of $2.48 billion, a PE ratio of -10.82 and a beta of 1.14. Nektar Therapeutics has a 52-week low of $27.87 and a 52-week high of $109.00.

Nektar Therapeutics (NASDAQ:NKTR - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The biopharmaceutical company reported ($1.23) earnings per share for the quarter, beating analysts' consensus estimates of ($1.97) by $0.74. The business had revenue of $10.13 million for the quarter, compared to analysts' expectations of $10.43 million. Nektar Therapeutics had a negative net margin of 287.84% and a negative return on equity of 37.87%. As a group, research analysts anticipate that Nektar Therapeutics will post -8.51 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on NKTR shares. Wedbush decreased their price target on shares of Nektar Therapeutics from $95.00 to $80.00 and set a "neutral" rating on the stock in a research note on Monday, May 11th. Wall Street Zen raised shares of Nektar Therapeutics from a "sell" rating to a "hold" rating in a research note on Sunday, May 17th. Piper Sandler lifted their price objective on shares of Nektar Therapeutics from $105.00 to $192.00 and gave the stock an "overweight" rating in a research note on Friday, May 8th. JPMorgan Chase & Co. started coverage on shares of Nektar Therapeutics in a report on Friday, August 21st. They issued a "neutral" rating and a $65.00 target price on the stock. Finally, TD Cowen upgraded shares of Nektar Therapeutics to a "strong-buy" rating in a research report on Monday, August 24th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Nektar Therapeutics currently has a consensus rating of "Moderate Buy" and an average target price of $141.50.

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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