Bank of New York Mellon Corp Acquires Shares of 96,061 Nektar Therapeutics $NKTR

Key Points

• Bank of New York Mellon acquired 96,061 Nektar Therapeutics shares worth approximately $6.7 million in the second quarter, giving it a 0.28% stake. Institutional investors collectively own 75.88% of NKTR.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $141.50, although ratings range from Strong Buy to Sell.
• NKTR shares opened at $76.37, while Nektar’s latest quarterly results showed an adjusted loss of $1.23 per share—better than estimates—but revenue of $10.13 million fell slightly short of expectations.

Bank of New York Mellon Corp acquired a new stake in shares of Nektar Therapeutics (NASDAQ:NKTR - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 96,061 shares of the biopharmaceutical company's stock, valued at approximately $6,706,000. Bank of New York Mellon Corp owned 0.28% of Nektar Therapeutics at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in NKTR. AQR Capital Management LLC raised its stake in Nektar Therapeutics by 336.9% in the first quarter. AQR Capital Management LLC now owns 3,640,851 shares of the biopharmaceutical company's stock worth $2,463,000 after buying an additional 2,807,595 shares in the last quarter. BVF Inc. IL lifted its holdings in Nektar Therapeutics by 22.2% in the fourth quarter. BVF Inc. IL now owns 1,559,595 shares of the biopharmaceutical company's stock worth $65,940,000 after buying an additional 283,000 shares during the period. Vanguard Group Inc. boosted its position in Nektar Therapeutics by 30.0% during the 3rd quarter. Vanguard Group Inc. now owns 948,647 shares of the biopharmaceutical company's stock valued at $53,978,000 after acquiring an additional 219,155 shares in the last quarter. Two Seas Capital LP bought a new stake in Nektar Therapeutics during the 4th quarter valued at approximately $31,506,000. Finally, Armistice Capital LLC grew its holdings in shares of Nektar Therapeutics by 122.4% during the 4th quarter. Armistice Capital LLC now owns 596,000 shares of the biopharmaceutical company's stock worth $25,199,000 after acquiring an additional 328,000 shares during the period. 75.88% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Piper Sandler raised their target price on Nektar Therapeutics from $105.00 to $192.00 and gave the company an "overweight" rating in a research note on Friday, May 8th. Wall Street Zen raised Nektar Therapeutics from a "sell" rating to a "hold" rating in a research note on Sunday, May 17th. JPMorgan Chase & Co. started coverage on Nektar Therapeutics in a research note on Friday, August 21st. They issued a "neutral" rating and a $65.00 price target on the stock. Wedbush decreased their price objective on Nektar Therapeutics from $95.00 to $80.00 and set a "neutral" rating for the company in a report on Monday, May 11th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Nektar Therapeutics in a report on Friday, August 28th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $141.50.

Insider Activity

In other Nektar Therapeutics news, CEO Howard Robin sold 418 shares of the firm's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $71.98, for a total transaction of $30,087.64. Following the completion of the sale, the chief executive officer directly owned 54,627 shares in the company, valued at approximately $3,932,051.46. This trade represents a 0.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Jonathan Zalevsky sold 5,681 shares of Nektar Therapeutics stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $70.00, for a total transaction of $397,670.00. Following the completion of the transaction, the insider directly 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 21,823 shares of company stock worth $1,380,558 over the last three months. 2.50% of the stock is currently owned by insiders.

Nektar Therapeutics Stock Up 5.0%

Nektar Therapeutics stock opened at $76.37 on Friday. The company has a market capitalization of $2.61 billion, a P/E ratio of -11.40 and a beta of 1.14. The stock's 50 day moving average is $71.60 and its 200 day moving average is $72.07. Nektar Therapeutics has a twelve month low of $31.85 and a twelve month high of $109.00.

Nektar Therapeutics (NASDAQ:NKTR - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The biopharmaceutical company reported ($1.23) earnings per share for the quarter, beating the consensus estimate of ($1.97) by $0.74. The firm had revenue of $10.13 million during the quarter, compared to the consensus estimate of $10.43 million. Nektar Therapeutics had a negative return on equity of 37.87% and a negative net margin of 287.84%. As a group, equities analysts expect that Nektar Therapeutics will post -8.51 EPS for the current year.

Nektar Therapeutics Company Profile

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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