Nektar Therapeutics $NKTR Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies cut its Nektar Therapeutics stake by 75.8% in the first quarter, selling 131,100 shares and retaining 41,781 shares worth about $3.0 million. Institutional investors collectively own 75.88% of NKTR.
• Nektar reported a quarterly loss of $1.82 per share, missing analyst expectations of a $1.58 loss, while revenue of $10.86 million slightly exceeded estimates. The company remains deeply unprofitable, with a negative net margin of 284.18%.
• Analysts remain broadly bullish, with 10 Buy ratings and a consensus price target of $150, compared with the stock’s reported opening price of $76.48. However, company insiders sold 21,862 shares worth approximately $1.38 million over the past three months.

Renaissance Technologies LLC reduced its holdings in shares of Nektar Therapeutics (NASDAQ:NKTR - Free Report) by 75.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,781 shares of the biopharmaceutical company's stock after selling 131,100 shares during the quarter. Renaissance Technologies LLC owned approximately 0.12% of Nektar Therapeutics worth $3,006,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BNP Paribas Financial Markets grew its position in shares of 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 purchasing an additional 210 shares during the last quarter. KBC Group NV purchased a new position in shares of Nektar Therapeutics during the 1st quarter worth approximately $52,000. Headlands Technologies LLC acquired a new position in shares of Nektar Therapeutics during the 2nd quarter worth approximately $65,000. State of Wyoming purchased a new stake in Nektar Therapeutics in the 1st quarter valued at approximately $67,000. Finally, Integrated Wealth Concepts LLC purchased a new stake in Nektar Therapeutics in the 1st quarter valued at approximately $68,000. Institutional investors and hedge funds own 75.88% of the company's stock.

Nektar Therapeutics Stock Performance

Shares of NKTR opened at $76.48 on Friday. The stock has a fifty day moving average of $66.44 and a two-hundred day moving average of $67.71. The company has a market capitalization of $2.58 billion, a PE ratio of -9.08 and a beta of 1.14. Nektar Therapeutics has a fifty-two week low of $22.01 and a fifty-two week high of $109.00.

Nektar Therapeutics (NASDAQ:NKTR - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.58) by ($0.24). The business had revenue of $10.86 million for the quarter, compared to analyst estimates of $10.69 million. Nektar Therapeutics had a negative return on equity of 85.40% and a negative net margin of 284.18%. As a group, equities research analysts forecast that Nektar Therapeutics will post -9.37 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Piper Sandler raised their price target on Nektar Therapeutics from $105.00 to $192.00 and gave the stock an "overweight" rating in a research report on Friday, May 8th. Citigroup upped their price objective on Nektar Therapeutics from $123.00 to $151.00 and gave the company a "buy" rating in a research report on Tuesday, April 21st. Canaccord Genuity Group assumed coverage on Nektar Therapeutics in a research report on Wednesday, July 22nd. They set a "buy" rating and a $153.00 price objective for the company. HC Wainwright boosted their target price on shares of Nektar Therapeutics from $165.00 to $185.00 and gave the company a "buy" rating in a research note on Monday, April 20th. Finally, BTIG Research upped their target price on shares of Nektar Therapeutics from $151.00 to $178.00 and gave the company a "buy" rating in a report on Monday, April 20th. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Nektar Therapeutics has an average rating of "Moderate Buy" and a consensus price target of $150.00.

Insider Transactions at Nektar Therapeutics

In other news, insider Jonathan Zalevsky sold 5,681 shares of the company's stock in a transaction dated 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 owned 9,756 shares of the company's stock, valued at $682,920. This represents a 36.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Howard W. Robin sold 10,000 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $60.32, for a total transaction of $603,200.00. Following the transaction, the chief executive officer owned 65,045 shares in the company, valued at approximately $3,923,514.40. The trade was a 13.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 21,862 shares of company stock worth $1,379,205. 2.50% of the stock is owned by corporate insiders.

Nektar Therapeutics 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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