California State Teachers Retirement System Grows Stock Position in Nektar Therapeutics $NKTR

Key Points

• California State Teachers Retirement System nearly doubled its Nektar Therapeutics position in the first quarter, increasing holdings by 97.5% to 28,682 shares valued at approximately $2.1 million.
• Institutional ownership remains high at 75.88%, with several investors adding shares and Orbimed Advisors initiating a position worth nearly $19.8 million.
• Nektar shares opened at $75.50, while analysts maintained a broadly positive outlook: 10 analysts rated the stock Buy, producing a “Moderate Buy” consensus and an average price target of $150. Insiders, however, sold more than $1.3 million of stock over the past quarter.

California State Teachers Retirement System lifted its position in Nektar Therapeutics (NASDAQ:NKTR - Free Report) by 97.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,682 shares of the biopharmaceutical company's stock after acquiring an additional 14,162 shares during the period. California State Teachers Retirement System owned 0.08% of Nektar Therapeutics worth $2,064,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Royal Bank of Canada raised its holdings in Nektar Therapeutics by 131.0% in the 1st quarter. Royal Bank of Canada now owns 16,181 shares of the biopharmaceutical company's stock valued at $1,164,000 after acquiring an additional 9,176 shares during the last quarter. SummitTX Capital L.P. increased its holdings in shares of Nektar Therapeutics by 35.9% in the first quarter. SummitTX Capital L.P. now owns 42,624 shares of the biopharmaceutical company's stock valued at $3,067,000 after purchasing an additional 11,271 shares during the last quarter. Orbimed Advisors LLC purchased a new position in Nektar Therapeutics during the first quarter worth approximately $19,786,000. Entropy Technologies LP acquired a new position in Nektar Therapeutics during the first quarter worth $330,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Nektar Therapeutics during the first quarter worth $1,138,000. 75.88% of the stock is currently owned by hedge funds and other institutional investors.

Nektar Therapeutics Stock Performance

Shares of NKTR stock opened at $75.50 on Wednesday. The firm has a market cap of $2.55 billion, a P/E ratio of -8.97 and a beta of 1.14. The firm's 50 day moving average price is $67.00 and its 200-day moving average price is $68.47. Nektar Therapeutics has a one year low of $22.50 and a one year high of $109.00.

Insider Transactions at Nektar Therapeutics

In other news, CEO Howard W. Robin sold 10,000 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $60.32, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jonathan Zalevsky sold 5,681 shares of the firm's stock in a transaction that occurred on Tuesday, June 30th. The shares were 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 approximately $682,920. The trade was a 36.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 21,862 shares of company stock worth $1,379,205 over the last quarter. Insiders own 2.50% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on NKTR shares. Jefferies Financial Group reissued a "buy" rating on shares of Nektar Therapeutics in a report on Wednesday, April 22nd. Piper Sandler lifted their target price 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. Weiss Ratings reiterated a "sell (d-)" rating on shares of Nektar Therapeutics in a report on Tuesday, June 2nd. Wedbush dropped their price target on shares of Nektar Therapeutics from $95.00 to $80.00 and set a "neutral" rating for the company in a research note on Monday, May 11th. Finally, Citigroup raised their price target on shares of Nektar Therapeutics from $123.00 to $151.00 and gave the stock a "buy" rating in a report on Tuesday, April 21st. Ten equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $150.00.

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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